Shares of ICICI Securities Ltd gained as much as 3.1 percent to Rs 337.45, their highest in over a week.

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Citi Research initiates coverage with ‘buy’ rating and a target price of Rs 425.

Citi expects ICICI Securities to be the key beneficiary of shift to financial avenues of savings from physical avenues such as real estate and gold.

Cross-selling to ICICI Bank customers can drive growth in client base, Citi says.

ICICI Securities, India’s largest equity broker, in April saw a tepid market debut after its IPO that raised a lower-than-expected $541 million at Rs 520 per share.

Shares traded at Rs 331.35, higher by 1.21 percent at 1.17 pm on the NSE.

The NSE Nifty 50 traded lower by 21 points or 0.19 percent to 11,417, while the BSE Sensex was down by over 62 points of by 0.16 percent to 37,860.

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