India's ICICI Lombard hits record high on CLSA upgrade, target price hike

International Combustion (India)

03/07/2024 09:13

** Shares of ICICI Lombard  ICIL.NS  rise as much as 2.88%
to a record high of 1,859.80 rupees apiece
    ** CLSA upgrades the insurance company's stock to
"out-perform" from "hold" and raises target price to 2,000
rupees from 1,760 rupees earlier
    ** CLSA's price target is the fourth highest of the 22
analysts tracking the company, with an average recommendation of
"buy" - LSEG data
    ** Says ICIL's motor insurance premiums have grown 31% YoY
in fiscal year 2025, outperforming the 15% rise for the whole
industries
    ** Expects strong growth in motor segment to persist, also
sees gains from increased premiumisation of cars
    ** ICIL among top five gainers in financial services index
 .NIFTYFIN  which is up 2%
    ** ICIL shares up 30.3% in 2024 so far, outperforming the
11.5% rise in financial services index

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))