ICICI Lombard up 2%; BofAML initiates buy, sees 20% upside
The company has posted 19.3 percent increase in its Q2FY18 net profit at Rs 204.04 crore as compared to Rs 170.95 crore in the second quarter of the previous fiscal
Moneycontrol News
Shares of ICICI Lombard General Insurance Company added nearly 2 percent intraday Monday as BofAML sees 20 percent potential upside in the stock.
Bank of America Merrill Lynch (BofAML) has initiated buy rating on the stock with a target price of Rs 810.
According to brokerage there is a strong potential for profitable growth as the market is not pricing under penetration and regulatory catalyst.
It feels that Indian motor vehicle bill may act as significant catalyst for the motor insurance segment and third party motor insurance may positively impact earnings per share forecasts by 30-45 percent.
The company has posted 19.3 percent increase in its Q2FY18 net profit at Rs 204.04 crore as compared to Rs 170.95 crore in the second quarter of the previous fiscal
The company has declared an interim dividend of Rs 0.75 per share for the second quarter of FY18.
At 12:20 hrs ICICI Lombard General Insurance Company was quoting at Rs 680.50, up Rs 8.05, or 1.20 percent on the BSE.
Posted by Rakesh Patil
