HDFC Standard Life Insurance crosses Rs 400 level, rallies 44% in 3 sessions

HDFC Standard Life Insurance Company shares rallied for third consecutive session, rising as much as 44 percent from its issue price of Rs 290 per share since the listing day.The stock price crossed the Rs 400 level for the first time today, hitting a record high of Rs 417.65.It rallied nearly 18 percent intraday as investors continued their buying spree.The stock price was quoting at Rs 411.80, up Rs 56.90, or 16.03 percent on the BSE. HDFC Standard Life continues to benefit from the strong distribution network of its bancassurance partners and has increased its bancassurance partner count to 125.”This will help widen its reach and support premium growth. It maintains strong control on cost ratios, aided by rising proportion of direct/online sales and multiple technology initiatives,” the research house said.