New Research Reports

We maintain our BUY rating on HGIEL with a target price of Rs 1,201/share. The TP implies an upside of 10% from the CMP.

Asian markets are trading lower, mirroring the US markets as investors evaluate quarterly earnings amid ongoing concerns over tariffs that continue to dampen sentiment. Nikkei, Hang Seng, and Shanghai are trading lower by 0.63%, 1.71%, and 0.54%, respectively.

We recommend a BUY on the stock with a target price of Rs 5,800/share, implying an upside of 10% from the CMP.

APE declines 3% YoY Q4FY25 vs our expectation of moderate growth, grew 15% YoY in FY25

Black & White report

APE declined 3% y-o-y in Q4FY25, while VNB grew by 2% y-o-y. For FY25, APE grew 15% y-o-y, Individual APE grew by 13% and value of new business (VNB) grew by 6% y-o-y. VNB margins improved to 22.7% (up 120 bps y-o-y/ up 150 bps q-o-q) versus estimates of 21.9% in Q4 driven by product mix changed towards non-par segment and retail protection.

ABB, in its annual report, highlighted its focus on high-growth segments and deeper penetration into Tier 2 cities, along with new product development. During the year, the company continued to benefit from demand for premium products and increased penetration into Tier 2 and Tier 3 cities.

ICICIGI’s gross written premium was 10% up YoY in 4QFY25 to INR69b (in line), impacted by 1/n regulation implementation for long-term products. NEP grew 20% YoY to INR52.3b (15% beat). For FY25, it grew 17% YoY to INR198b.