The ICICI Securities stock fell in trade today after the investment services arm of ICICI Group reported a 34.3 per cent decline in consolidated profit to Rs 101.1 crore for the third quarter ended December 31. The company’s profit stood at Rs 153.9 crore in the October-December quarter of 2017-18, ICICI Securities said.
The midcap stock touched an intra day low of 258.70, down 6.29% compared to the previous close of 276.05 level on the BSE.
At 10: 33 am, the stock was trading 3.46% lower at 266.50 on the BSE.
The company’s total income also declined to Rs 404.7 crore, compared with Rs 493.8 crore in the third quarter of the previous fiscal.
During the current financial year, there have been several short-term headwinds such as volatile market, NBFC liquidity crisis, frozen state of primary market, and significant regulatory changes, which impacted the overall business sentiment and performance, it said.
The firm made its market debut on April 4 last year.
ICICI Securities listed at a discount 16.34% on the NSE. The stock which had a issue price of Rs 520, made its debut at Rs 435 on NSE. On the BSE, the stock listed at a discount of 17.11 percent at Rs 431 level.
The Rs 4,017-crore offer which was reduced to Rs 3,500 crore due to a sluggish response, especially from high networth individuals was subscribed 88 percent including the anchor portion on March 26, the last day of the offer.
The stock closed over 14% lower than its issue price of Rs 520. However, the stock closed 3.24% higher over its open price at 445 level.
The firm said it raised around Rs 3,500 crore from the IPO. The brokerage received bids for 3,46,75,396 shares against the total issue size of 4,42,25,343 shares (without anchor portion), according to the NSE data. On the contrary, anchor investors poured in Rs 1,717 crore a day before the IPO signalling strong enthusiasm for the issue.
Around 3.30 crore shares were allotted at Rs 520 apiece to 58 anchor investors including Temasek, Nomura, Fidelity, Blackrock, Fairfax, IDFC Premier Equity Fund, L&T Mutual Fund Trustee, L&T Prudence Fund Pioneer Investment Fund, Reliance Strategic Investments Ltd and SBI Magnum Balanced Fund among others.
Meanwhile stock market was trading higher in early trade. While the Sensex rose 319 pts to 36,173, Nifty gained 95 pts to 10,833. Of 30 Sensex stocks, 27 were trading in the green.
Edited by Aseem Thapliyal