ICICI Prudential Shares Surge 9% on Strong Q1 Earnings
Jul 24, 2024 17:45
ICICI Prudential Life Insurance shares soared nearly 9% after reporting a 9% rise in profit for the June quarter, reaching a 52-week high. The company's net premium income and new business value also saw growth.
Illustration: Uttam Ghosh/Rediff.com
New Delhi, Jul 24 (PTI) Shares of ICICI Prudential Life Insurance on Wednesday jumped nearly 9 per cent after the company reported a 9 per cent increase in profit after tax for the June quarter at Rs 224.34 crore.
The stock zoomed 8.83 per cent to settle at Rs 693.90 apiece on the BSE. Intra-day, it soared 9.31 per cent to Rs 697 -- the 52-week high level.
On the NSE, it surged 8.86 per cent to Rs 695 per share.
The life insurance major had reported a net profit of Rs 206.19 crore in the year-ago period.
Its net premium income increased to Rs 7,875 crore from Rs 7,020 crore a year earlier, it said in a regulatory filing on Tuesday.
In a statement, the company said it registered nearly an 8 per cent growth in the value of new business to Rs 472 crore.
Its overall assets under management crossed the Rs 3 lakh crore mark during the quarter, it said.
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