Buy ICICI Prudential, target price Rs 696: Kotak Securities

Kotak Securities has buy call on ICICI Prudential Life Insurance Company with a target price of Rs 696. The current market price of ICICI Prudential Life Insurance Company Ltd. is Rs 675.7.

Time period given by analyst is Intra Day when ICICI Prudential Life Insurance Company Ltd. price can reach defined target.

ICICI Prudential Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 97127.76 Crore) operating in Financial Services sector.


Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 690.95 Crore, down -6.04 % from last quarter Total Income of Rs 735.33 Crore and down -10.78 % from last year same quarter Total Income of Rs 774.40 Crore. Company reported net profit after tax of Rs -185.29 Crore in latest quarter.

Investment Rationale
Strong breakout of the Symmetrical triangle chart with rising volume indicates bullish momentum.

Promoter/FII Holdings
Promoters held 73.5 per cent stake in the company as of March31, 2021, while FIIs held 16.5 per cent, DIIs 4.3 per cent and public and others 5.7 per cent.