Capri Global Capital’s Bullish Rise: IRDAI License Propels Stocks to 13% Surge

Capri Global Capital experienced a notable surge of more than 13% during the morning trading session on January 16, peaking at Rs 924.2 on the BSE. The stock came close to its 52-week high, standing at Rs 15.75 shy of Rs 939.95 per share. This significant rise is attributed to the acquisition of a corporate agency license from the Insurance Regulatory and Development Authority of India (IRDAI) for establishing an insurance platform.

As of 9:51 a.m., the non-banking financial company’s (NBFC) shares traded 11.64% higher at Rs 909 apiece, with an approximate market capitalization of Rs 18,746.76 crore. Capri Global Capital Limited (CGCL) secured a composite corporate agency license in December 2023, enabling the distribution of life, general, and health insurance products.

Capri Global Capital aims to transform insurance services by leveraging technology, including data analytics, artificial intelligence, and blockchain. This initiative focuses on automating claims processes, improving customer support, and reducing operational costs, ensuring heightened customer satisfaction. The company, prioritizing a customer-centric approach, plans to offer a diverse range of insurance products and services through multiple channels. With a tech-centric strategy, Capri Global Capital aims to maximize opportunities within its active client base of 270K as of September 2023, facilitating cross-selling for increased insurance penetration and improved returns for stakeholders.