Niva Bupa shares rally over 11% as Motilal Oswal initiates coverage with 29% upside potential
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Shares of Niva Bupa Health Insurance Company, which recently debuted on the bourses, surged as high as 11.5% to an intraday high of Rs 86.40 on the BSE after domestic brokerage firm Motilal Oswal initiated coverage on the stock, foreseeing an upside potential of 29%. Motilal Oswal has initiated the coverage with a ‘buy’ rating and a target price of Rs 100. “We believe Niva has a strong position to harness the growth opportunity in the health insurance industry, backed by product innovation and customer base expansion. Investments in technology will give results in terms of operational efficiency and better profitability,” Motilal Oswal said in its report. The brokerage firm noted that Niva Bupa has emerged as one of the fastest-growing health insurers, delivering a CAGR of 34% during FY22- 25 and garnering the highest incremental market share in the retail health segment. The analysts at Motilal Oswal expect this growth momentum to stay s...