HDFC Life climbs over 4% to hit a record high after block deals


Shares of HDFC Life Insurance Company rallied 4.5 percent to hit a record high of Rs 637.70 intraday on October 30 after more than 5 percent equity exchanged hands through block deals.

The stock has been was one of the biggest gainers in the last one year, showing more than 70 percent return against 16 percent rally in the Nifty. It was quoting at Rs 628.20, up Rs 17.85, or 2.92 percent, on the BSE at 1000 hours.

About 10.2 crore shares, representing 5.1 percent of paid-up equity, traded in multiple blocks on the BSE and the NSE, CNBC-TV18 reported.

These block deals were worth Rs 5,977 crore and shares exchanged hands at an average price of Rs 595 per piece.

Standard Life (Mauritius Holdings) 2006 Limited was the seller in block deals.

The private life insurer posted a 7.6 percent year-on-year (YoY) increase in its September quarter (Q2) net profit at Rs 308.7 crore, while its premium grew by 10 percent YoY to Rs 7,453.7 crore during the period.

“Despite a challenging macro-environment, we have grown by 35 percent on individual weighted-received premium, compared to industry growth of 11 percent,” Vibha Padalkar, MD & CEO, HDFC Life, said. “This has enabled us to increase our market share by 220 basis points to 15.2 percent.”

The new business margins grew to 27.5 percent in H1FY20 compared to 24.3 percent in the year-ago period. The operating return on the embedded value stood at 19.6 percent in the first half of FY20, which is similar to the same period previous fiscal.

News Source:- moneycontrol

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