HDFC Life shares rise 4.5% after UK firm Abrn sells its stake in a block deal

Shares of HDFC Life Insurance Company gained more than 4% today amid reports that UK-based investment firm Abrn sold up to 4.3 crores of the player’s shares. private insurance. Shares of HDFC Life Insurance Company opened with a gain of 3.64% at Rs 601 today against the previous close of Rs 579.90 on BSE. The stock hit an intraday high of Rs 606, up 4.5% on BSE. HDFC Life Insurance Company shares are trading above the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

The stock fell 8.89% in 2022 and lost 19.56% in one year. A total of 433.83 lakh shares of the company changed hands, representing a turnover of Rs 2,491.58 crore on BSE. The company’s market cap rose to Rs 1.24 lakh crore on BSE. The stock reached a 52-week high at 759.60 rupees on September 17, 2021 and a 52-week low at 497.30 rupees on March 8, 2022.

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According to a Bloomberg report, about 43 million shares, or 2% of HDFC Life Insurance’s capital, changed hands in block trades. However, details of the buyers and sellers were not known.

Abrdn Plc, formerly known as Standard Life, may have raised up to $313 million through share sales, according to reports. BofA Securities will handle the sale of the shares. Abrdn held a 3.7% stake in HDFC Life, according to exchange data.

HDFC Life reported profit after tax (PAT) of Rs 365 crore in the first quarter of the current financial year compared to Rs 302 crore in the corresponding quarter of last year, registering a year-on-year jump of 21%. New business margins reached 26.8% in the first quarter compared to 26.2% in the June quarter last year. Total assets under management climbed 10% year-on-year to cross the Rs 2 lakh crore mark.

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Abrdn plc, formerly Standard Life Aberdeen plc, is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It is the UK’s active asset manager, with investments in equities, multi-asset, fixed income, cash, sovereign wealth funds, real estate and private markets.

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