SBI Life Insurance shares hit record high

SBI Life Insurance shares hit record high of Rs 780 apiece, up 3%, on the BSE on July 12, surpassing its previous high of Rs 776 touched on July 5, in the intra-day deal. Since October 3, 2017, the stock of the insurance company was trading at its highest level. Thus in the current financial year, SBI Life Insurance has outperformed the market by surging 34% on strong buying from institutional investors. During the same period, the benchmark index was marginally grew by 0.50%. As per the shareholding pattern data, institutional investors have recorded a growth in their stake in the company by 714 basis points (bps) to 25.56% in the June quarter. They held 18.42% at the end of March 2019 quarter.