Today it traded with volumes of 2,86,23,797 equity shares, compared to its five-day average of 1,38,801 shares, an increase of 20,522.21 percent. Its market capitalisation stood at Rs 101,241.34 crore.
Shares of HDFC Life Insurance Company gained 4 percent in morning trade on June 3 following a block deal before cooling off to close at Rs 501.40 on the BSE, up Rs 1.85 or 0.37 percent. On the NSE, it closed up 0.3 percent at Rs 501.35.
UK's Standard Life sold around 2.62 crore equity shares representing 1.3 percent of total paid-up equity of HDFC Life.
Standard Life is believed to have launched another fresh $260-million block deal, the second in the day, to sell around 2 percent stake in HDFC Life Insurance, people familiar with the matter have told Moneycontrol.
“The offer price range of the stake sale is between Rs 490 a share and Rs 501 a share and the block trades will be executed tomorrow (June 4),” one of the persons told Moneycontrol.
“Bofa Securities is the sole advisor to Standard Life on the deal,” said a second person.
The UK-based firm has been consistently trimming its stake in the Indian insurer through a series of back to back transactions.
In March this year, Standard Life (Mauritius Holdings) 2006, one of promoters of the HDFC Life, sold 5 crore equity shares through block deals at Rs 441.24 per share.
Standard Life had also sold 10 crore shares of HDFC Life at Rs 575.15 per share in October 2019 and 6.71 crore shares at Rs 480.70 in August last year.
As of March 2020, Standard Life held 12.25 percent stake in HDFC Life, while 51.44 percent was held by HDFC.
Today, HDFC Life traded with volumes of 2,86,23,797 equity shares, compared to its five-day average of 1,38,801 shares, an increase of 20,522.21 percent. Its market capitalisation stood at Rs 101,241.34 crore.
Private life insurer HDFC Life posted a 14.5 percent year-on-year (YoY) decrease in consolidated net profit for the March quarter (Q4) at Rs 311.65 crore. This was due to a drop in net investment income and a rise in provisions. However, both annualised premium equivalent (APE) and the value of new business (VNB) saw double-digit growth in FY20.
The net investment income slipped into the red touching a negative of Rs 10,229.92 crore in Q4FY20 as compared to an income of Rs 3,755.65 crore in the year-ago period. Provisions for diminution in value of investments rose to Rs 375.85 crore in Q4 compared to Rs 17.32 crore in the year-ago period.
Net premium income growth saw a marginal hike to Rs 10,475.95 crore in the March quarter compared to Rs 10,251.26 crore.
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