HDFC Life, Bandhan Bank and Info Edge shares gain after inclusion in F&O segment

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Published: February 25, 2020 12:26:22 PM

HDFC Life Insurance Company along with Bandhan Bank and Info Edge saw a surge in their share price on Tuesday morning, riding on the back of National Stock Exchange’s announcement that the said stocks will be included will be added in the Futures & Options segment effective February 28.

Share price of HDFC Life, Bandhan Bank and Info Edge went up by almost 4 per cent each on Tuesday morning.

HDFC Life Insurance Company along with Bandhan Bank and Info Edge saw a surge in their share price on Tuesday morning, riding on the back of National Stock Exchange’s announcement that the said stocks will be included will be added in the Futures & Options segment effective February 28. Share price of HDFC Life, Bandhan Bank, and Info Edge went up by almost 4 per cent each on Tuesday morning. HDFC Life was trading at Rs 575; Bandhan Bank was at Rs 413, while Info Edge share price was trading at Rs 2,720.

“Members are advised to note that based on the stock selection criteria as prescribed by SEBI and approval received from SEBI, members are hereby notified that the futures and options contracts on the following 3 additional securities would be available for trading w.e.f. February 28, 2020,” NSE said in a circular issued on Monday. With the inclusion of HDFC Life, Bandhan Bank and Info Edge, the F&O segment will have 143 stocks.

The stock exchange said that the market lot, scheme of strikes and quality freeze limit of the three stocks will be informed to market players on February 27. Stocks are added to the F&O segment only after its daily traded value and average daily market capitalisation are analysed for the past six months.

Geojit Financial Services has a ‘hold’ call on HDFC Life Insurance Company saying, “HDFC Life is well placed amongst its peers with its balanced growth across all segments. We value the stock at ~4.0x FY22E EV per share with a target price of Rs.630 and a HOLD rating.” HDFC Life’s premium income grew 15 per cent on-year basis to Rs 8,001 crore driven by 23.2 per cent year-on-year growth in first year premium and 14 per cent growth in renewal premium (47 per cent of total gross income). However, profit after tax remained flat at Rs 250 crore impacted by higher operating cost.

S&P BSE Sensex was up almost 100 points at 40,462, while the broader Nifty50 index was ruling at 11,855 points. As many as 21 out of 30 Sensex stocks were trading in green. 

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