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Shares of SBI Life Insurance Co Ltd rose as much as 4.2 per cent to a record high on Wednesday. The company on Tuesday reported a 5 per cent rise in the June-quarter profit.
SBI Life's retail business franchise is geographically the most well diversified, leading to greater immunity from capital market downturns, Jefferies said in a note.
Jefferies has raised the price target to Rs 918 from Rs 745, while maintaining a 'buy' rating on the stock.
Twenty-four of the 26 brokerages covering the stock have a 'buy' rating or equivalent, one has 'hold' and one 'sell'; median PT of Rs 800.
The stock has gained 18.9 per cent this year as of Tuesday's close, compared to peers, HDFC Life Insurance Company's 5.3 per cent rise, and ICICI Prudential Life Insurance Company's 2.2 per cent growth.
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