HDFC Life Insurance Company rose 4.55% to Rs 638.15 after about 10.2 crore shares, representing 5.1% equity, changed hands in multiple blocks on the BSE and the NSE.
The media reported that UK's Standard Life was planning to divest up to 4.5% stake in HDFC Life Insurance. Standard Life could raise between Rs 4,200 crore and Rs 5,600 crore through the share sale.At the end of the September quarter, Standard Life (Mauritius Holdings) 2006 held 19.69% stake in HDFC Life Insurance Company.
The HDFC Life counter registered volume of 10.79 crore shares on BSE, a 568.79-fold spurt over two-week average daily volume of 1.90 lakh shares. The stock reported volume of 2.36 crore shares on the NSE.
The stock fell as much as 5.79% to hit an intraday low of Rs 575 at the onset of trading session. It immediately rebounded from the day's low and hit a record high of Rs 639.40 in intraday today. The stock hit a 52-week low of Rs 345 on 28 Jan 2019.
On 14 August 2019, Standard Life (Mauritius Holdings) 2006 sold 6.71 crore shares, or 3.33% stake, of HDFC Life at an average price of Rs 480.70. About 1.41 crore shares, or 0.70% equity, were bought by Capital World Growth And Income Fund at an average price of Rs 480.38.
HDFC Life Insurance Company's consolidated net profit rose 7.27% to Rs 308.98 crore on 9.99% increase in net premium income to Rs 7456.87 crore in Q2 September 2019 over Q2 September 2018.
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HDFC Life Insurance Company provides various individual and group insurance solutions across India.
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