On Thursday, HDFC Life Insurance Ltd shares have rallied 5 per cent to hit a fresh record high of Rs 758.50 on the Bombay Stock Exchange (BSE) in the intra-day trade ahead of a board meeting on Friday scheduled to consider a fundraising plan. The stock of the private insurer surpassed its previous high of Rs 746, touched on March 9, 2021.
“A meeting of the board of directors of HDFC Life Insurance Company is proposed to be held on Friday, September 3, 2021, to consider the issue of equity shares and other securities of the Company by way of preferential allotment,” the company said in an exchange filing on Tuesday, August 31, 2021.
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In the past month, the stock has outperformed the market by surging 13 per cent compared to a 9 per cent rise in the S&P BSE Sensex. However, over the past six months, it has underperformed by gaining only 5 per cent, as against a 15 per cent rally in the benchmark index.
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