ICICI Pru, Venkys, Page Industries, Triveni Turbine hit new highs

MARKET NEWS - ICICI Prudential Life Insurance Company (ICICI Pru), Venky's (India), Page Industries, Triveni Turbine, Godrej Industries and Godrej Consumer Products are among 24 stocks from the S&P BSE 500 & S&P BSE Smallcap index hitting their respective record highs on BSE in intra-day trade on Tuesday.

Transport Corporation of India, Skipper, Sona Koya Steering, Elgi Equipment, Deepak Fertilisers, Aditya Birla Nuvo and Grasim Industries too hit all-time highs today.

ICICI Pru has rallied 8% to Rs 508, its highest level since listing on September 29 2016 on BSE, on back of heavy volumes. A combined 2.56 million shares have already changed hands against an average sub two million shares were traded daily in past two weeks on BSE and NSE.

The stock of insurance company is one of the best performers thus far in the current calendar year 2017, surging 68%, against 17% rise in S&P BSE Sensex.

Since May 25, post March quarter results, ICICI Pru have gained 27% against 1.5% rise in the benchmark index.

During the fiscal ended March 2017, the Value of New Business (VNB) was increased by whopping 61.7% to Rs 666 crore as compared to Rs 412 crore a year ago.

VNB increased primarily on account of increase in protection business and improvement in persistence, ICICI Pru said in a statement.

The management sounded confident of maintaining strong growth trajectory going forward on the back of huge under-penetration in the protection business and rising share of financial savings.