SBI Life share hits 52-week high on 21% growth in new business premium

SBI Life Insurance share surged over 6 per cent to hit fresh 52-week high after the company posted strong growth in new business premiums (NBP) in February. On Tuesday, shares of SBI Life Insurance Company opened higher at Rs 945.30 against previous close of Rs 923.90. During day's trade, the stock gained as much as 6.49 per cent to hit intraday high of Rs 983.95. The stock was currently trading at Rs 971.70, up 5.17 per cent. Market cap of the firm surged to Rs 97,231.78 crore.  

On the volume front, there was surge in buying as 4.51 lakh shares changed hands over the counter as compared to two-week average volume of 0.96 lakh shares.  

In a similar trend, SBI Life Insurance share price was quoting at Rs 974.40, up 5.47 per cent, after opening higher at Rs 950. The stock hit intraday high and low of Rs 983.75 and Rs 939, respectively, on BSE.  

SBI Life Insurance, a joint venture between State Bank of India and BNP Paribas Cardif, reported a 21 per cent growth in new business premiums (NBP) at Rs 22,425 crore in February 2021, as against Rs 18,533 crore in the same period last year. NBP is the premium acquired from new policies for a particular year.

In a separate development, the company said that its Board Stakeholders Relationship Committee has allotted 11,071 equity shares of Rs 10 each towards the exercise of vested stock options by certain employees under 'SBI Life Employees Stock Options Schemes 2018' of the company.

"Post the allotment, the paid up share capital of the Company is Rs 10,00,06,97,480 consisting of 100,00,69,748 equity shares of Rs. 10 each," it added.

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