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1 Insurance Stock Close To 52-W High, Another Near 52-W Low
Indices after a winning run of 4-straight days in line with Asian markets have taken a knock today with Nifty down at 17718 points after clocking levels of 17925 in the previous day's trade.
All of the sectoral indices are trading soft with major drag seen on the Nifty IT pack of close to 1.7 percent. Meanwhile, Nifty financial service index follows with loss to the tune of 1.29 percent. Now within the financial services pack which is seeing a drag of up to 2 percent on stocks like HDFC, HDFC Bank and Shriram Transport Finance company.
Further of the 20 stock index, the 2 insurance stocks one is trading close to its 52-week high price. The stock here we are talking about is SBI Life whose 52-week high price is Rs. 1273.9 per share, while its last traded price is Rs. 1214.5. This means the stock is just 5 percent away from its 52-week high price.
Likewise, there is another stock HDFC Life stock which is trading close to its 52-week low price of Rs. 627. The last traded price is Rs. 646.8 per share. A 3 percent gap from the 52-week low price. For HDFC Life stock, its all other group companies' have been underperformers in comparison to benchmark indices with HDFC Bank's 1-year return at 8 percent, HDFC return at a negative and HDFC Life yielding 1-year return of a negative 9 percent.
For HDFC Life, considering its good quarterly numbers with net profit at Rs. 274 crore for the September ended quarter and new business premium has been at Rs. 6596 crore, there is seen good prospects. The company has been given as a 'Buy' considering further the Exide deal and tailwinds for the sector by Choice Broking for 2022. The company has given a price target of Rs. 833, implying an upside of 29 percent from here.
