Shares of ICICI Lombard slip over 4% in trade today after the company reported a mixed set of Q4 numbers. The company’s net profit for the quarter came in at Rs 437 crore against a poll of Rs 377 crore by CNBC-TV18. However, the GDPI (Gross Direct Premium Income) missed street expectations.
Brokerages too tweaked their estimates and cut their target price on the stock. Brokerages firm Jefferies cut its target price on the stock to Rs 1,560 and believes that the impact of rise in cost of reinsurance & industry discipline under EOM regime should be watched out for going forward. JP Morgan has a Neutral rating on the stock, but cut its target price to Rs 1,160 per share, citing that the motor segment is likely to remain competitive.
The stock hit a day’s low of Rs 1,082 in the morning trade on Wednesday against its previous close of Rs 1,130. At 10:40 AM, the stock was down 3.7% or Rs 42 at Rs 1,088.
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