SBI Life Insurance enters $10 bn club in 2019

SBI Life Insurance which rose 17% in 2019, so far, entered the $10 billion club (market cap over Rs 69,000 crore). As of June 11, 2019, as many as 42 stocks have a market capitalisation of over Rs 69,000 crore or $10 billion (Re/USD value 69). These include Godrej Consumer, Britannia Industries, Avenue Supermarts, Sun Pharma, IndusInd Bank, Titan Company, NTPC, Asia Paints, Coal India, Maruti Suzuki, ICICI Bank, Kotak, SBI among others. SBI Life entered the $10 billion club in 2019, while JSW Steel and Vedanta failed to sustain momentum and are out of the club. Most brokerage firms remain positive on SBI Life Insurance and Shree Cement, and investors who hold these stocks should stay put. Nomura maintained its Neutral rating on Shree Cements with a target price of Rs 21,500. Volume growth remains healthy for the cement major and, at the same time, the costs are also easing which is a healthy sign. SBI Life has recorded 14% growth in APE in 4QFY19, which was in line with 9MFY19 growth rate, though lower than 17% reported in 3QFY19.