The share price of ICICI Securities went up more than 10 percent intraday on Wednesday after brokerage firm CLSA raised its target price on the stock to Rs 340 from Rs 320 while maintaining a 'buy' call.

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At 12:10 pm, the stock was trading 6.58 percent higher at Rs 305.50 per share on the NSE. Intraday, the stock rallied 10.23 percent and touched Rs 316.

"I-Sec is taking initiatives to penetrate deeper into ICICI Bank’s (parent) client base and improve engagement with clients through a combination of the revenue sharing arrangement and new products like Prime," said CLSA in its report.

A successful ramp-up will support revenue and profit, said CLSA, adding "we raise our earnings a bit to factor-in a better top-line and see a 15 percent CAGR over FY19-22".

ICICI Securities’ net profit of Rs 1.3 billion, flattish YoY, was in-line with estimates. Profit was aided by a lower tax rate which compensated for weak revenue growth.

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