After starting the week in the red, shares of Star Health and Allied Insurance Company jumped back into the green after the company posted its business updates for Q4FY23.
What Happened: The company’s total gross premium jumped up 13% year-over-year in Q4FY23 at ₹12,950.9 crore. The company’s Health-retail and personal accident segment saw healthy growth. Gross direct premiums for the health retail segment grew 18% YoY to ₹11,947. The personal accident segment saw 15% YoY growth in gross direct premiums at ₹193.9.
However, the company’s Health-group gross direct premiums did see a slump of 31% YoY at ₹807.5 crore. Brokerages have remained strongly bullish on the stock. Domestic brokerage firms ICICI Securities and HDFC Securities both have a ‘buy’ rating on the stock as they see an over 40% upside in the stock. ICICI Securities assigned a price target of ₹800 in their latest research note released earlier this month. HDFC Securities has a target price of ₹795 for the stock.
The company’s financial results for Q4FY23 and FY23 are scheduled to release on April 28.
Price Action: Star Health’s share price was up 1.18% to trade at ₹574.30 at market open on Monday.
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