Capri Global jumps over 12% on planning to develop insurance platform; details inside

At 1 pm, Capri Global Capital shares were trading at Rs 913.25, up by 12.17% from its previous closing of Rs 814.20 on the BSE.

Developing Insurance platform 

Capri Global Capital has unveiled its strategy to develop an innovative insurance platform designed to optimize the Corporate Agency License issued by the Insurance Regulatory and Development Authority of India (IRDAI). Having secured the license in December 2023, allowing the distribution of life, general, and health insurance products, Capri Global Capital Ltd (CGCL) intends to offer a diverse range of insurance products and services through its website, app, and call centres, catering to a wide audience.

In a bid to enhance customer convenience, the platform will implement a user-friendly payment policy, facilitating premium payments through various channels such as digital wallets, credit cards, debit cards, and net banking. Leveraging advanced technologies like data analytics, artificial intelligence, and blockchain, Capri Global Capital aims to revolutionize the delivery of insurance products and services. By employing these technologies, the company seeks to streamline claim processing and customer support, thereby reducing operational costs and elevating customer satisfaction.

The core objective of this insurtech initiative is to establish an ecosystem of insurers, fostering the creation of more affordable and customer-friendly coverage options. Aligned with Capri Global Capital’s dedication to contribute to IRDAI’s “Insuring India by 2047” mission, the company’s tech-centric approach reflects a commitment to leveraging its active client base of 2.7 lakh for cross-selling insurance products. Additionally, with a target of ₹15,000 crore in total assets under management (AUM) by the financial year 2025, including a substantial contribution from the gold loan book, the company plans to achieve this milestone through strategic initiatives and partnerships, as stated by Rajesh Sharma, Managing Director and CEO of Capri Global Capital.

Company profile 

Capri Global Capital Limited (CGCL) is the flagship company of Capri Group. It is non-deposit taking systemically important non-banking finance company (NBFC-ICC) engaged in extending loans to MSMEs loans secured against property and construction finance.

Stock price movement 

Today, the stock opened at Rs 905 and has touched a high and low of Rs 937.95 and Rs 875.10, respectively. The BSE group ‘A’ stock of face value of Rs 2 touched a 52-week high and low of Rs 939.95 and Rs 565.85, respectively. Last one week high and low of the scrip stood at Rs 937.95 and Rs 802.65, respectively. The current market cap of the company is Rs 18,834.41 crore.

The promoters holding in the company stood at 69.91%, while Institutions and Non-Institutions held 14.97% and 15.11% respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.