SBI Life gains on high volumes

SBI Life Insurance Company added 1.59% to Rs 984.75, amid heavy volumes.

On the NSE, 56.78 lakh shares of the company were traded in the counter so far as compared to an average trading volume of 29.10 lakh shares in the past three months.

On the BSE, the counter clocked volume of 4.14 crore shares as compared to an average volume of 10.20 lakh in the past three months.

The scrip surged 7.29% to hit the day's high at Rs 1040 on the BSE in trade today. On a year-to-date basis, the stock has added 8.65% while the benchmark Sensex has gained 3.34% during the same period.

The media reported that CA Emerald Investment, an global arm of private equity giant Carlyle, offloaded its 3.5% stake in the life insurer through block deals. The stake sale is reportedly to be around Rs 3,300 crore.

According to stock exchange data, CA Emerald Investment held 6% stake or 6 crore shares of SBI Life as on 31 March 2021.

SBI Life Insurance Company is one of the leading life Insurance companies in India. The company has distribution network of 225,381 trained insurance professionals consisting of agents, CIFs and SPs along with 947 offices across country.

The life insurer reported a net profit of Rs 532.38 crore in Q4 FY21 compared with net profit of Rs 530.67 crore in Q4 FY20.Net premium income increased 31.1% to Rs 15,555.74 crore in Q4 FY21 over Q4 FY20.

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