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HDFC Life gains on high volumes

Capital Market 

HDFC Life Insurance Company rose 1.27% to Rs 644.80 after the counter witnessed multiple block deals in early trade today, 3 December 2020.

On the BSE, the counter clocked a volume of 3.77 crore shares as against its average trading volume of 2.51 lakh shares in the past one quarter. The stock gained 2.24% to hit a high of Rs 650.95 on BSE today.

On the NSE, the scrip advanced 1.33% to Rs 644.95. The counter clocked a volume of 2.11 crore shares compared with its average trading volume of 39.74 lakh shares in the past one quarter. The stock added 2.23% to hit a high of Rs 650.7 on NSE today.

According to media reports, one the company's promoter, UK's Standard Life, intended to sell up to 2.78 crore shares of the insurance company through a block deal on Thursday to raise up to Rs 1,770 crore.

The sale price has reportedly been fixed at Rs 605-636.50 per share, upto 5% discount to Wednesday's closing price of Rs 636.7. As on 30 September 2020, Standard Life held 10.27% stake or 20.73 crore shares of HDFC Life.

HDFC Life Insurance Company is a joint venture between HDFC, an Indian housing finance institution and Standard Life Aberdeen, a global investment company. The company is long-term life insurance solutions provider, offering a range of individual and group insurance solutions that meet various customer needs such as protection, pension, savings, investment, annuity and health. As on 30 September 2020, the company had 36 individual and 13 group products in its portfolio, along with 7 optional rider benefits, catering to a diverse range of customer needs.

The company reported 6.1% rise in consolidated net profit to Rs 327.83 crore on 89.6% increase in total income to Rs 16,426.03 crore in Q2 FY21 over Q2 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, December 03 2020. 13:37 IST