Shares of ICICI Prudential Life Insurance Co. rose over it's two-year high on Wednesday after it posted a 8.7% rise in profits in its June quarter earnings results.
Shares of the the insurance company were up nearly 8% after it reported a net profit of Rs 225 crore in the first quarter versus Rs 207 crore a year earlier, according to an exchange filing.
The annual premium equivalent of the company rose 34.4% year-on-year to Rs 1,963 crore. But, its value of new business margin was down to 24% versus 34% in the same quarter a year ago.
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Shares of ICICI Prudential rose as much as 7.93% during the day to Rs 689 apiece on the NSE. It was trading 6.86% higher at Rs 682.20 apiece, compared to a 0.19% decline in the benchmark NSE Nifty 50 as of 10:51 a.m.
The stock has risen 19.07% in the last 12 months and 27.25% on a year-to-date basis. The total traded volume so far in the day stood at 8.6 times its 30-day average. The relative strength index was at 71.05 indicating that the stock may be overbought.
Twenty out of the 32 analysts tracking ICICI Prudential Life Insurance Company have a 'buy' rating on the stock, ten recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 1.2%.
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