Sell ICICI Lombard General Insurance Company, target price Rs 1130: Yes Securities

Promoters held 48.01 per cent stake in the company as of 30-Jun-2023, while FIIs owned 22.0 per cent, DIIs 18.1 per cent.

By ETMarkets.com | Updated: Aug 18, 2023, 10.34 AM IST

In the last one month, the stock has gained about 9%.

Yes Securities has sell call on ICICI Lombard General Insurance Company with a target price of Rs 1130.The current market price of ICICI Lombard General Insurance Company is Rs 1328. Yes Securities recommended to keep stop loss at Rs 1425.

ICICI Lombard General Insurance Company, incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 65219.23 Crore) operating in Financial Services sector.

ICICI Lombard General Insurance Company key Products/Revenue Segments include Miscellaneous Insurance, Other Operating Revenue, Fire Insurance and Marine Insurance for the year ending 31-Mar-2023.

Financials
For the quarter ended 30-06-2023, the company has reported a Standalone Total Income of Rs 4723.62 Crore, down -13.27 % from last quarter Total Income of Rs 5446.57 Crore and up 13.84 % from last year same quarter Total Income of Rs 4149.38 Crore. Company has reported net profit after tax of Rs 390.36 Crore in latest quarter.

Investment Rationale
Reversal off pattern retest zone and double bottomsell has resulted in recent corrective trend.

Promoter/FII Holdings
Promoters held 48.01 per cent stake in the company as of 30-Jun-2023, while FIIs owned 22.0 per cent, DIIs 18.1 per cent.

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