ICICI Prudential Share Price Update: 25 April 2024
๐ ICICI Prudential Limited is preparing to announce the results of the fourth quarter, which affects the company’s shares. The net profit for the quarter ended on 31st March decreased by 26% to Rs 174 crore. The insurance company recorded a profit of Rs 235 crore in the fourth quarter of 2022-23.
๐ Amidst a bullish stock market, the shares of the private insurance company ICICI Prudential saw a sharp decline of nearly 7% on Wednesday. Investors rushed to sell shares following reports of a significant drop in the company’s profits in the January-March quarter of the previous fiscal year. The company’s share price on the BSE fell by 6.73% to Rs 553.15, while on the National Stock Exchange, it dropped by 6.24% to Rs 556.75.
๐ธ Despite the challenging financial situation, ICICI Prudential’s net profit for the entire fiscal year 2023-24 increased by 5% to Rs 852 crore compared to Rs 811 crore in 2022-23. The company has also announced a dividend of Rs 0.60 per equity share.
๐ฏ Foreign brokerage firm Jefferies maintained a positive outlook on ICICI Prudential’s shares, giving it a ‘Buy’ rating and raising its target price to Rs 680. Despite disappointing results, Jefferies emphasized the company’s growth potential from FY25 onwards. JM Financial also reiterated its ‘Buy’ call with a target price of Rs 736 per share, expecting margin expansion by H2FY25. However, Motilal Oswal has adopted a more cautious approach.
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