Buy ICICI Prudential Life Insurance Company, target price Rs 610: Yes Securities

Yes Securities has buy call on ICICI Prudential Life Insurance Company with a target price of Rs 610. The current market price of is Rs 570.05. 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 81807.45 Crore) operating in Financial Services sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 735.33 Crore, up 17.88 % from last quarter Total Income of Rs 623.78 Crore and down -25.55 % from last year same quarter Total Income of Rs 987.71 Crore. Company reported net profit after tax of Rs 62.51 Crore in latest quarter.
Investment Rationale
The stock has resumed its uptrend after taking support at the previous cluster of supports. Further, volumes have been good in the recent upmove, suggesting bullishness. Technical indicators are in the bull territory.

Promoter/FII Holdings
Promoters held 73.5 per cent stake in the company as of Dec 30, 2020, while FIIs held 16.3 per cent, DIIs 4.7 per cent and public and others 5.5 per cent.

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