September Series - Stocks to Buy – HDFC Life hits target price; 'Buy on Dips' for this target on NSE
This stock was recommended by Nilesh Jain of Centrum Broking at the start of the September Series. It has already hit its target price of Rs 740 and moved on to scale a 52-week high of Rs 775.65 on 2 September before seeing some correction on the back of the announcement of the deal with Exide Life
Stocks to Buy – The shares of HDFC Life were trading with a positive bias on the NSE on Monday. The stocks were trading at Rs 737 around 1:30 pm, up by 0.4 per cent. On Friday, the HDFC Life Insurance Company shares had ended at Rs 734, going down by almost 3.3 per cent after the company announced acquisition of 100 per cent stake in Exide Life Insurance from Exide Industries.
The deal is worth Rs 6687 cr and is likely to provide muscle to its growth plans.
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This stock was recommended by Nilesh Jain, Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking at the start of the September Series. This stock has already hit its target price of Rs 740 and moved on to scale a 52-week high of Rs 775.65 on 2 September before seeing some correction on the back of the announcement of the deal with Exide Life.
It was previously recommended at a price of Rs 699. It has already moved up close to 10 per cent. Jain sees a further upside in this stock at current levels. The target price on this stock is between Rs 780 and Rs 800, Jain said.
He puts the stop loss at Rs 680 and recommended Buy on Dips.
The 52-week low is at Rs 555.95 which it hit on 30 September 2020.
Around 4.3 million shares were being traded on the NSE around this time and the total market capitalisation. The total traded value was over Rs 321.11 cr.
On the BSE, HDFC Life shares were trading at Rs 736.45, up by 0.27 per cent.
Jain called it a quality stock and said that the stock is poised well for an upside. He said that the existing shareholders should stay put in this stock.
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