ICICI Lombard General Insurance Company is at a 52-week high. In the last 6 months it as risen by 17 percent. In the last 3 months, the stock has gained 20.5 percent and in the last one month alone, it has risen by 24 percent.

The NSE data shows that volumes yesterday were 2x of last 2 months average volume.

The company has received an in-principal approval from Insurance Regulatory and Development Authority (IRDA) for draft scheme of arrangement with Bharti Axa.

It has also gained market share in motor segment despite high dependence on dealership business. The market share has increased to 17 percent in October when compared to 13 percent last year.

The reduction in COVID-19 infections has removed the uncertainty with respect to health claims that can be made on the company.

On valuations, it’s trading at 36x in terms of price of earnings on FY23 basis. However, Jefferies believes that there is still upside left in the stock with the brokerage having a target price of Rs 1,570 with an upside target price of Rs 1,760 on the stock.

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(Edited by : Niral Sharma)