Buy HDFC Life, target price Rs 800: Edelweiss

Edelweiss has buy call on HDFC Life with a target price of Rs 800. The current market price of HDFC Life Insurance Company Ltd. is Rs 739.8.

HDFC Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 149554.16 Crore) operating in Financial Services sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 287.62 Crore, down -19.97 % from last quarter Total Income of Rs 359.41 Crore and up .07 % from last year same quarter Total Income of Rs 287.42 Crore. Company reported net profit after tax of Rs 263.44 Crore in latest quarter.


Investment Rationale
The stock has been trading range from a range from 735 on the higher side and 690 on the lower side. The stock has broken from this range indicating a move after a compression.

Promoter/FII Holdings
Promoters held 60.4 per cent stake in the company as of Sept 30, 2020, while FIIs held 23.4 per cent, DIIs 7.3 per cent and public and others 8.8 per cent.