Buy HDFC Life, target price Rs 669: Kotak Securities

Kotak Securities has buy call on HDFC Life Insurance Company with a target price of Rs 669. The current market price of HDFC Life Insurance Company Ltd. is Rs 647.2.

HDFC Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 131759.72 Crore) operating in Financial Services sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 219.37 Crore, down 37.84 % from last quarter Sales of Rs 352.92 Crore and down 2.53 % from last year same quarter Sales of Rs 225.06 Crore Company reported net profit after tax of Rs 327.83 Crore in latest quarter.

Investment Rationale
Strong bullish reversal candlestick formation near important retracement level along with modest volume activity.

Promoter/FII Holdings
Promoters held 60.4 per cent stake in the company as of Sept 30, 2020, while FIIs held 23.4 per cent, DIIs 7.3 per cent and public and others 8.8 per cent.