Shares of this Jhunjhunwala stock jumped up to 2 percent in Wednesday’s trading session after ICICI Prudential Mutual Fund bought 35.74 lakh Equity Shares of the company via a Bulk Deal.
With a market capitalization of Rs 32,038.41 crores, the stocks of Star Health and Allied Insurance Company Limited started their trading session on Wednesday at Rs 545.05 and currently trade at Rs 547.40.
The company’s scrip witnessed an intra-day high price of Rs 553.25 indicating a jump of approximately 2.20 percent compared to the previous closing level of Rs 541 apiece.
Such bullish movements in the company’s share price were observed after ICICI Prudential Mutual Fund, one of the well-known Mutual Funds based in India, bought an additional stake in the insurance company on 19th March 2024.
As per the Bulk Deal data available with the National Stock Exchange (NSE), the Mutual Fund bought 35.74 lakh equity shares of Star Health and Allied Insurance Company Limited at an average trading price of Rs 540 per equity share.
As per the latest data available, Late Mr. Rakesh Jhunjhunwala, often referred to as India’s own Warren Buffet, is one of the early investors and Promoter Group member of Star Health and Allied Insurance Company and, as per the December 2023 quarter, he holds around 8.29 crore equity shares of the company equivalent to a 14.17 percent stake.
During the latest financial quarters, the company’s basic business indicators, i.e., its operating revenues as well as after-tax profits, showed positive movements with the former increasing from Rs 3,462 crores during Q2FY24 to Rs 3,578 crores during Q3FY24 and the latter, keeping the timeframe the same, rose sharply from Rs 125 crores to Rs 290 crores.
As per the latest presentations, the company reported key highlights including increased amounts of the sum insured, customer NPA improvement, share of long-term policies, etc.
Moreover, the company has registered positive results from strategic measures to improve profitability. The company also plans to open more than 1,000 ‘sales managers stations’ for better services.
Star Health and Allied Insurance Company Limited is a health insurer in India focusing on the retail as well as group health segments. It covers three plans, viz, accidental care, health, and travel insurance. The company distributes the policies through individual agents and also comprises corporate agent banks, etc.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
