ICICI Prudential Stock Price: There was selling pressure in the shares of ICICI Prudential Life Insurance Company on January 22. The stock fell by almost 10 percent on BSE and touched a low of Rs 572.35. Brokerages have reduced the target price for the stock after the release of the company’s financial results for the October-December 2024 quarter. ICICI Prudential’s December 2024 quarter net profit increased 43 percent year-on-year to Rs 326 crore. A year ago the profit was Rs 227 crore.
ICICI Prudential’s net income from premium increased to Rs 12,261 crore during the quarter compared to a year ago. It was Rs 9,929 crore in the December 2023 quarter. The company’s assets under management increased to Rs 3.10 lakh crore, which was Rs 2.86 lakh crore a year ago.
However, VNB (Value of New Businesses) margins of ICICI Prudential Life Insurance Company were lower than expected during the quarter. VNB margins declined to 21.2% from 22.9% in the December 2023 quarter. Whereas VNB increased by 18.6% year-on-year to ₹517 crore.
Which brokerage reduced the target by how much?
Brokerage firm HSBC has reduced the target price for ICICI Prudential shares from ₹825 to ₹780 per share. However, ‘buy’ rating has been maintained. Morgan Stanley has given a target price of Rs 695 per share with “equalweight” rating for the stock. Macquarie has maintained the rating at “neutral”, while setting the target price at Rs 725 per share. Of the 35 analysts covering ICICI Prudential, 20 have a ‘buy’ rating on the stock. 14 have advised to ‘hold’ the stock, while one has issued a ‘sell’ call.
ICICI Prudential shares fell 19% in 3 months
The market cap of ICICI Prudential is Rs 84600 crore. The company’s shares have fallen 19 percent in the last 3 months on BSE. Promoters held 73.01 percent stake in the company by the end of December 2024. The stock had created a 52-week high of Rs 795 on October 1, 2024. Whereas the 52-week low of Rs 475.25 was created on January 23, 2024.
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