Equity benchmarks started off the week on a negative note on Monday, weighed by banks after the S&P retained its India’s rating at BBB- and outlook stable.
Share price of Kridhan Infra rose more than 6 percent intraday as its subsidiary bagged contracts worth Rs 105.6 crore.
The company's subsidiary KH Foges Pte has recently been awarded 3 new piling contracts worth USD 22 million (Rs 1,056 million) in Singapore.
The contract period for these projects are between 2.5 months to 5 months.
The contract includes piling works for industrial development at woodlands north coast, piling work for proposed public housing development comprising 2 blocks of 18 storey residential building and sub-contract for secant bored piling works.
Kridhan Infra has evolved into a leading EPC company in Singapore through the acquisition of Swee Hong.
Global brokerage house Deutsche Bank has initiated coverage with hold rating on General Insurance Corporation of India and set a target price at Rs 830 per share, saying it is a leading Indian reinsurer but the risk-reward is balanced.
"Positives are dominant 60 percent Market share, improving financials and Combined Ratio at 100 percent while negatives are B2B model, tightening competition and investment income driving profits," the research house said.
It feels the competitive landscape is getting incrementally tighter as insurance regulator IRDAI allowed foreign reinsurers to open branches in India.
Deutsche Bank expects combined ratio to exhibit modest improvement hereon.
"We expect combined ratio of 99 percent and return on equity of 17-18 percent over FY18-20. We expect net written premium/net profit to grow at CAGR of 14/13 percent over FY18-20," the research house said.
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