Sell ICICI Prudential, target price Rs 380: Edelweiss

Edelweiss has given a sell rating to ICICI Prudential with a target price of Rs 380. The share price moved down by 0.73 per cent from its previous close of Rs 409.50. The stock’s last traded price is Rs 406.50.

ICICI Prudential Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 58584.83 Crore) operating in Financial Services sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 453.11 Crore, down 29.87 % from last quarter Sales of Rs 646.14 Crore and up 14.26 % from last year same quarter Sales of Rs 396.57 Crore Company reported net profit after tax of Rs 302.46 Crore in latest quarter.

Investment Rationale
Stock is in downtrend since last one month and is trading below its 21 DMA. We expect stock to reach 375-380 level which is its one of the major support.

Promoter/FII Holdings
Promoters held 73.5 per cent stake in the company as of June 30, 2020, while FIIs held 15.1 per cent, DIIs 5.2 per cent and public and others 6.2 per cent.