ICICI Pru spikes up 13 per cent post FY18 results

The shares of ICICI Prudential Life surged by 13 per cent in the last two trading sessions after the declaration of its quarterly results. The Insurance company reported 93.1 per cent increase in the Value of New Business (VNB) at Rs. 1,286 crore in FY18 as compared to Rs. 666 crore for FY17.

The New Business margin during the fiscal year 2018 went up to 16.5 per cent from 10.1 per cent in the previous year. However, the company posted nearly 16.61 per cent decline in its net profit to Rs. 340.58 crore for the last quarter of the fiscal year 2018 on a year on year basis.

In the morning trade, the stock was trading at 5 per cent above its previous close Rs. 438 per share, the stock gained 13 per cent in past two trading sessions on BSE. The uptick was the outcome of better than expected results for the financial year 2017-18.

On Wednesday, at 12:10 hours, ICICI Prudential Life quoted at Rs. 438.65 per share, up by Rs. 22.70 or 5.46 per cent against its previous close of Rs. 415.95. Meanwhile, S&P BSE was trading at 34,560.77 down by 55.87 or 0.16 per cent.