HDFC Life Insurance share rises 5% as firm to replace Vedanta on Nifty

HDFC Life Insurance share price gained in trade today on report the firm would replace Vedanta on Nifty from July 31 due to the proposed voluntary delisting of the mining major. Share price of HDFC Life Insurance climbed 5.19% to Rs 576 against previous close of Rs 547.95 on BSE.

HDFC Life Insurance share opened with a gain of 3.11% at Rs 565 today.

HDFC Life Insurance share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.  The large cap share has lost 8.4% since the beginning of this year and gained 14.35% during last one month.  The firm clocked market cap of Rs 1.16 lakh crore in morning trade.

Total 2.70 lakh shares changed hands amounting to turnover of Rs 15.36 crore on BSE.

Last month, Edelweiss Securities said HDFC Life Insurance, SBI Life Insurance Company, Divis Laboratories and Dabur India could replace Vedanta, Zee Entertainment, Bharti Infratel and GAIL in Nifty in the next semi-annual review by the NSE.

Share Market LIVE: Sensex rises over 200 points, Nifty at 10,625; Sun Pharma, Axis Bank, Cipla top gainers

On May 13,  reports emerged that Billionaire Anil Agarwal's Vedanta Ltd wants to delist from Indian bourses. The businessman proposed a share buyout of Rs 87.5 a piece to buy the remaining 49 per cent stake from minority investors. The proposed share price was 9.9 per cent premium over May 11 closing price, Vedanta's holding company Vedanta Resources Ltd said. This way, at the current share price, the mining magnate plans to offer around Rs 16,200 crore in cash to take Vedanta Ltd private.

The company said it would delist equity shares from BSE and National Stock Exchange, and if such delisting would be successful, would also seek to delist America Depositary Shares from the New York Stock Exchange and the Securities and Exchange Commission.

Stocks in news: Cadila, RIL, Muthoot Finance, Axis Bank, Affle India, HDFC Life