HDFC Life rises for ninth day; board to mull fund raising tomorrow

HDFC Life Insurance Company jumped 5.58% to Rs 759.65, amid heavy volumes.

On the BSE, 13.15 lakh shares of the company were traded in the counter as against an average trading volume of 1.41 lakh shares in the past two weeks.

On the NSE, 1.60 crore shares of the company were traded in the counter as against an average trading volume of 18.90 lakh shares in the past three months.

The stock has added 13.82% in nine sessions from its recent closing low of Rs 667.40 recorded on 20 August 2021.

On a year-to-date (YTD) basis, the stock has added 12.21% while the benchmark Sensex has added 21.10% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 83.577. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 683.81, 681.90 and 683.17, respectively.

On 31 August 2021, HDFC Life announced that its board will meet on Friday, 3 September 2021, to consider issue of equity shares and / or other securities of the company by way of preferential allotment.

HDFC Life Insurance Company is a life insurance entity promoted by HDFC, India's leading housing finance institution and Standard Life Aberdeen, a global investment company.

The life insurer reported 33% fall in standalone net profit to Rs 302.35 crore on 0.7% rise in total income to Rs 14,604.30 crore in Q1 FY22 over Q1 FY21.

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