D-Street cheers ICICI Bank’s move of raising stake in ICICI Lombard; stock jumps 14%
Shares of ICICI Lombard rose over 14 per cent in the morning deals to hit a high of Rs 1,256.70 apiece on NSE.
Shares of ICICI Lombard rose over 14 per cent in the morning deals to hit a high of Rs 1,256.70 apiece on NSE after ICICI Bank, via a regulatory filing, informed that its board of directors has approved an increase in shareholding in the insurance arm, in multiple tranches up to 4 per cent additional shareholding, as permissible under applicable law. The Bank would acquire atleast 2.5 per cent stake out of the above 4 per cent before September 9, 2024, the lender added.
Shares of ICICI Bank, too, gained over half a per cent to Rs 957.75 apiece on the BSE. At closing, shares of ICICI Lombard stood at 1,190.3 apiece over 8 per cent higher, but ICICI Bank shares ended 0.27 per cent lower at Rs 948.15 apiece.
ICICI Bank also said, "The Bank in its disclosure filed with the stock exchanges on March 10, 2023, had informed about an extension in timeline granted by the Reserve Bank of India for divesting the Bank’s shareholding in ICICI Lombard General Insurance Company Limited (‘the Company’) to less than 30 per cent of the Company’s paid up capital till September 9, 2024. As on March 31, 2023, the Bank holds 48.02 per cent in the Company."
India vs Australia LIVE Score, 2nd ODI Match Updates: 1-0 up Team India eye unassailable lead against Aussies in Indore
Asian Games 2023 Opening Ceremony Live Streaming: When and where to watch Asian Games live in India on TV, online mobile apps
Delhi Weather Update: Light rain likely in national capital, minimum temperature at 27 degrees Celsius
Meanwhile, Phillip Capital has given a buy call on ICICI Lombard for a target price of Rs 1,550 apiece. The brokerage is positive on the long-term growth opportunities of the company.
Phillip Capital is also bullish on ICICI Bank shares and has given a buy call for a target of Rs 1,140 apiece. The brokerage believes that the bank is best placed among peer banks given its strong digital capabilities to underwrite loans at an accelerated pace.
ICICI Lombard share price history
ICICI Lombard shares have lost about a per cent of their value in 2023 so far, a period in which the Nifty headline index has risen over 2 per cent.
ICICI Bank's share price history
ICICI Bank shares have gained over 6 per cent in 2023 so far, a period in which the Nifty headline index has risen over 2 per cent.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
India vs Australia Free Live Streaming: When and How to watch IND VS AUS 2nd ODI Series live on TV, mobile apps online