Star Health and Allied Insurance Company’s share price climbed 5.65% on Tuesday, to reach an intraday high of ₹ 598.00 apiece after it reported an increase in its gross direct premiums. Its shares were quoting at ₹ 590.00 apiece at 03:24 PM on Tuesday.
The company informed the bourses that its Gross Direct Premium has increased by 13% to ₹ 12,950.9 crores for YTD March 23, compared to 11,463.5 YTD March 22, on a provisional basis.
Its gross direct premium in the health-retail segment grew 18 percent from the previous quarter and the personal accident segment grew by 15 percent. However, the health-group segment declined by 31%.
ICICI Securities has a buy rating on Star Health ad Allied Insurance company with a target price of ₹ 800. This translates to an upside of 35.59% as compared to its current share price of ₹ 590.00 apiece.
HDFC Securities too has a buy rating on the stock with a target price of ₹ 795. This implies an upside of 34.75% as compared to its current share price.
With a market capitalization of ₹ 32,923 crores, Star Health and Allied Insurance Company is a midcap stock. Its promoters hold a 58.28% stake in the company, followed by foreign investors with 35.52% and retail investors with 5.65% respectively.
Star Health & Allied Insurance Ltd (Star) is India’s first Standalone Health Insurance provider. It is one of the largest private health insurers in India with a market share of more than 15.8%, with a leadership in the retail health segment.
Written by Simran Bafna