Shares of this mid-cap stock associated with the ‘General Insurance’ industry were in focus after ICICI Prudential raised stake in the company by subscribing to 30 lakh equity shares via a Bulk Deal on 1st March 2024.
With a market capitalization of Rs 32,646.05 crores, the stocks of Star Health and Allied Insurance Company Limited opened their trading hour on Monday at Rs 568.75 and currently trade at Rs 557.95, slipping approximately 1.50 percent compared to the previous closing levels of Rs 566.30 apiece.
As per the Bulk Deal data available with the Bombay Stock Exchange (BSE), ‘ICICI Prudential Life Insurance Company’ bought 30 lakh equity shares of the general insurance company at an average trading price of Rs 553 per share.
On the other end, Apis Growth 6 Limited, a Foreign Investor, sold 1 crore equity shares equivalent to a 1.7 percent stake at an average trading price of Rs 553.01 per share. According to the shareholding data available for the December 2023 quarter, ICICI Prudential Life Insurance holds a 1.86 percent stake in the company.
During the recent financial quarters, the company’s prime business indicators, such as operating revenues as well as after-tax profits, were on the rise with the former rising from Rs 3,462 crores during Q2FY24 to Rs 3,578 crores during Q3FY24 and the latter, during the same time horizon, rose sharply from Rs 125 crores to Rs 290 crores.
After a rough patch for the company as far as the return ratios are concerned, FY23 reported healthy numbers with the return on equity (RoE) reported at 11.36 percent and the return on capital employed (RoCE) at 15.43 percent.
Star Health and Allied Insurance Company Limited is an India-based health insurer incorporated in 2006 focusing on retail as well as group health segments. The company covers three plans, i.e., Health insurance, Accidental care insurance, and Travel insurance. It distributes policies through corporate agent banks and also includes individual agents.
Written by Amit Madnani
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