Life insurance stocks in focus; LIC, HDFC, SBI, ICICI Pru gain up to 5%

Kotak Institutional Equities has initiated coverage on Life Insurance Corporation of India (LIC) with a 'buy' rating and a fair value of Rs 1,000

Shares of life insurance companies were in focus on Tuesday, gaining up to 5 per cent on the BSE, even as benchmark indices remained range-bound.

Individually, Life Insurance Corporation of India (LIC) gained 2.5 per cent to Rs 727 in the intra-day trade after Kotak Institutional Equities initiated coverage on the stock with a ‘buy’ rating. The brokerage firm considers fare value of LIC to be Rs 1,000, which is 41 per cent higher against its Monday’s closing price of Rs 710.

Meanwhile, HDFC Life Insurance Company (up 5 per cent at Rs 597), ICICI Prudential Life Insurance