Shares of HDFC Life Insurance Company gained over 4 per cent today amid reports that UK-based investment company Abrdn sold up to 4.3 crore shares in the private insurance player. HDFC Life Insurance Company stock opened with a gain of 3.64 per cent at Rs 601 today against the previous close of Rs 579.90 on BSE. The stock touched an intraday high of Rs 606 , rising 4.5┬а percent on BSE. HDFC Life Insurance Company shares are trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The stock has fallen 8.89 per cent in 2022 and lost 19.56 per cent in a year. Total 433.83 lakh shares of the firm changed hands amounting to a turnover of Rs 2,491.58 crore on BSE. Market cap of the firm rose to Rs 1.24 lakh crore on BSE. The stock hit a 52-week high of Rs 759.60 on September 17,2021┬а and a 52 week low of Rs 497.30 on March 8, 2022.
Share Market Today Live Updates: Sensex rises over 350 points, Nifty reclaims 18,000; financial, consumer durables surge
According to a Bloomberg report, around 43 million shares, or 2 per cent stake in HDFC Life Insurance, changed hands in block trades. However, details of the buyers and sellers were not known.
Abrdn Plc, earlier known as Standard Life, may have raised up to $313 million through the share sale, reports said. BofA Securities will handle the share sale. Abrdn held a 3.7 per cent stake in HDFC Life, exchange data showed.
HDFC Life reported a profit after tax (PAT) of Rs 365 crore in first quarter of the current fiscal against Rs 302 crore in the corresponding quarter last year, logging a YoY jump of 21 per cent. New business margins rose to 26.8 per cent in Q1 against 26.2 per cent in the June quarter of the last fiscal. The total assets under management climbed 10 per cent YoY to cross the Rs 2 lakh crore mark.
ALSO READ: Stocks in news: TCS, JSW Steel, Happiest Minds, RBL Bank and more
Abrdn plc, formerly Standard Life Aberdeen plc, is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It is the active asset manager in the UK, with investments in equities, multi-asset, fixed income, liquidity, sovereign wealth funds, real estate and private markets.
