At present, overseas companies can hold up to 49 percent stake in insurance firms, which could be increased to 74 percent.
These shares changed hands at an average of Rs 945 per share and these block deals were worth around Rs 3,210 crore.
ICICI Direct believes these stocks will be chosen on the higher free float market cap criteria.
Prabhudas Lilladher is bullish on SBI Life Insurance Company has recommended buy rating on the stock with a target price of Rs 991 in its research report dated October 15, 2019.
Prabhudas Lilladher also maintained buy rating on the stock with a target price at Rs 991 (implying a 18 percent potential upside from current levels).
Out of total 14 percent YoY growth in industry, private players contributed only 11 percent in August compared to 22 percent in July, which is half in number
SBI held 62.10 percent stake in life insurance company, as per shareholding pattern on June 2019.
Prabhudas Lilladher is bullish on SBI Life Insurance Company has recommended buy rating on the stock with a target price of Rs 906 in its research report date July 24, 2019.
Citi has buy call on the stock and raised price target to Rs 1,000 from Rs 850 as annualised premium equivalent (APE) growth was at 41 percent YoY and VNB margin was healthy
Max Life's growth in individual APE was strong at 20 percent YoY (23 percent in Q1FY20), although somewhat lower growth than Q4FY19.
The two-day OFS will remain open till June 26, SBI Life Insurance said, adding the floor price is fixed at Rs 650 per share which is 8.5 percent discount to June 24 closing price
According to Morgan Stanley, SBI Life can deliver strong growth across cycles and premiums are expected to rise at 17 percent CAGR over FY19-21
Brokerages remained positive on the stock and raised their price targets after solid earnings growth in Q4.
After this deal, BNP Paribas Cardif, the second promoter after State Bank of India, reduced its stake to 7.701 percent from 12.775 percent earlier.
The Mauritius company acquired 9 crore shares (representing 9 percent of total paid-up equity) in SBI Life through open market transaction in opening.
The agreement was signed in the presence of Syndicate Bank MD and CEO Mrutyunjay Mahapatra and MD and CEO of SBI Life, Sanjeev Nautiyal, a bank release said.
High beta stocks have already run-up in the recent past when Nifty rallied from 10,000 mark to 10,980 levels, and any bottom fishing before general elections could result another round of upside bounce for the stocks
Prabhudas Lilladher is bullish on SBI Life Insurance Company has recommended buy rating on the stock with a target price of Rs 779 in its research report dated October 21, 2018.
Of the all 24 life insurance companies, state-owned LIC witnessed a decline of nearly 30 per cent as premium income from new policies to Rs 10,778.81 crore in September as against Rs 15,302.99 crore in the same month previous year.
Prabhudas Lilladher is bullish on SBI Life Insurance Company has recommended buy rating on the stock with a target price of Rs 840 in its research report dated July 20, 2018.
Rajesh Agarwal of AUM Capital recommends buying Jindal Steel & Power with target of Rs 263 and stop loss at Rs 245 and CESC with target of Rs 1078 and stop loss at Rs 1028.