SBI Life rises 3% after Motilal Oswal initiates coverage with 'Buy' rating

The brokerage expects the company to maintain its cost leadership with GWP remaining at nearly 10 per cent over FY23E.

Shares of SBI Life Insurance rose 3 per cent on the BSE on Wednesday after the global brokerage firm Motilal Oswal Financial Services (MOFSL) initiated the coverage on the stock with a 'BUY' rating. The target price has been set at Rs 1,000 - up 20 per cent against Tuesday's close of Rs 836.30. 

At 11:43 AM, the stock was trading nearly 3 per cent higher at Rs 861 on the BSE as compared to a 0.11 per cent rise in the S&P BSE Sensex. Shares of SBI Life had hit a 52-week high of Rs 1,030 on September 30, 2019,