Buy ICICI Securities, target price Rs 525: Nagaraj Shetti

Nagaraj Shetti of HDFC Securities has buy call on ICICI Securities with a target price of Rs 525. The current market price of ICICI Securities is Rs 499. Nagaraj Shetti recommended to keep stop loss at Rs 480.

ICICI Securities, incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 16090.11 Crore) operating in Financial Services sector.

ICICI Securities key Products/Revenue Segments include Income From Brokerage & Commission, Other Services, Interest, Income From Sale Of Share & Securities, Income From Financial Services and Dividend for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 885.21 Crore, up .61 % from last quarter Total Income of Rs 879.88 Crore and down -.79 % from last year same quarter Total Income of Rs 892.30 Crore. Company has reported net profit after tax of Rs 262.68 Crore in latest quarter.

The company’s top management includes Mr.Vinod Kumar Dhall, Mr.Vijay Chandok, Mr.Ajay Saraf, Mr.Ashvin Parekh, Mr.Subrata Mukherji, Ms.Vijayalakshmi Iyer, Mr.Anup Bagchi, Mr.Prasanna Balachander. Company has B S R & Co. LLP as its auditors. As on 31-03-2023, the company has a total of 32 Crore shares outstanding.

Investment Rationale
Currently, the stock price is in an attempt of upside breakout of the pattern at 507 levels.

Promoter/FII Holdings
Promoters held 74.85 per cent stake in the company as of 31-Mar-2023, while FIIs owned 8.75 per cent, DIIs 5.06 per cent.