Buy HDFC Life Insurance, target price Rs 778: ICICI Direct

ICICI Direct has buy call on

HDFC Life

Insurance Company Ltd. with a target price of Rs 778. The current market price of HDFC Life Insurance Company Ltd. is Rs 697.4.

Time period given by analyst is three months when HDFC Life Insurance Company Ltd. price can reach defined target.

HDFC Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 139032.26 Crore) operating in Financial Services sector.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 395.46 Crore, down -32.38 % from last quarter Total Income of Rs 584.85 Crore and down -12.61 % from last year same quarter Total Income of Rs 452.50 Crore. Company reported net profit after tax of Rs 269.55 Crore in latest quarter.

Investment Rationale
The share price of HDFC Life has undergone shallow retracement in the last six months after witnessing strong up move during Oct-20 to Feb-21. Currently, stock regained upward momentum after forming a higher base above 52 weeks EMA as seen during October 2020. Thereby offering fresh entry opportunity to resolve higher and eventually shift in a new orbit.

The brokerage expects the stock to challenge the all time high and gradually head towards Rs 778 levels in the coming months as it is the 138.2% external retracement of its past six months corrective phase (Rs 746- 656).

Promoter/FII Holdings
Promoters held 58.9 per cent stake in the company as of March 31, 2021, while FIIs held 25.7 per cent, DIIs 6.3 per cent and public & others 9.2 per cent.

(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.

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