HDFC Life surges on brokerage signals
HDFC Life surged 8% on Thursday as analysts at most top brokerages retained share price targets after better-than-expected third-quarter results. The stock closed at ₹641.7.
«The results were above the expectations of the market, and it seems that the impact on margins has likely bottomed out,» said Abhishek Pandya, research analyst at StoxBox. «The market will also be watching for regulatory clarity regarding bancassurance and potential taxation changes going ahead.»
A key area to monitor will be the sustainability of the Value of New Business (VoNB) margin, Pandya said.
Nomura upgraded its rating on the stock from 'Neutral' to 'Buy'. The brokerage said that the impact of surrender value, higher valuations and the slowdown in growth has already played out as the stock has underperformed the benchmark Nifty Index in the last three months.
Excluding Thursday's gains, the stock is down 17% underperforming benchmark Nifty by 7% over the past three months.
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