SBI Life board to consider dividend today; shares give up initial gains

SBI Life Insurance shares gave up initial gains amid volatile trade on Wednesday, as investors returned to trade after a mid-week holiday. The board of SBI Life, a state-run life insurance company, will meet on Wednesday to consider an interim dividend for the current financial year.  

A dividend, if approved on Wednesday, will have a record date of March 16. Record date is the date that determines the shareholders eligible to receive a dividend payout.

SBI Life shares declined by as much as Rs 14.3 or 1.3 per cent to Rs 1,115.2 apiece on BSE, having reversed course after rising to as high as Rs 1,140.9 apiece earlier in the day.  

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Earlier this month, SBI Life Insurance said in a regulatory filing: “The meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, March 08, 2023, to consider and declare payment of Interim Dividend on equity shares of the Company for the Financial Year 2022-23, if any.” 

“The Record date for determining the shareholders for the payment of Interim Dividend for FY 2022-23, if any, declared by the Board of Directors of the Company shall be Thursday, March 16, 2023,” it added. 

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According to Axis Securities, SBI Life remains well-placed in the life insurance space. The brokerage has a 'buy' call on the stock with a target price of Rs 1,565 apiece, implying upside potential of 39 per cent from its closing price on Monday. 

SBI Life Insurance has best-in-class value of new business (VNB) margin, according to Axis Securities. 

Also Read: SBI may cut stake in Yes Bank after lock-in ends on March 13

The Indian financial market remained shut on Tuesday for the Holi holiday.

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