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Shares of ICICI Securities Ltd gained as much as 3.1 per cent to Rs 337.45, their highest in over a week.
Citi Research has initiated coverage with 'buy' rating and a price target of Rs 425. The brokerage expects ICICI Securities to be the key beneficiary of shift to financial avenues of savings from physical avenues such as real estate and gold.
It says cross-selling to ICICI Bank customers can drive growth in client base.
ICICI Securities, India's largest equity broker, had in April saw a tepid market debut after its IPO that raised a lower-than-expected $541 million at Rs 520 per share.
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