Buy SBI Life, target price Rs 925: IIFL

Buy SBI Life, target price Rs 925:  IIFL

IIFL has buy call on SBI Life Insurance with a target price of Rs 925. The current market price of SBI Life Insurance Company Ltd. is Rs 888.

SBI Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 88180.17 Crore) operating in Financial Services sector.

For the quarter ended 31-12-2020, the company reported a Standalone sales of Rs 65.71 Crore, down 42.01 % from last quarter Sales of Rs 113.32 Crore and down 75.73 % from last year same quarter Sales of Rs 270.74 Crore Company reported net profit after tax of Rs 232.85 Crore in latest quarter.

Investment Rationale
Stock has formed a bullish engulfing candlestick pattern on the hourly chart.

Promoter/FII Holdings
Promoters held 60.7 per cent stake in the company as of Sept 30, 2020, while FIIs held 25.8 per cent, DIIs 7.1 per cent and public and others 6.5 per cent.

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