HDFC Life stock was buzzing in trade on Friday as Morgan Stanley put out an overweight call on the stock. According to Morgan Stanley's note, the management of the company remains sanguine about the near and medium-term outlook for the business. They believe that the impact of the budget announcements is manageable.
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In the Union Budget 2023 speech, the finance minister announced that the government will not provide any tax exemption on maturity benefits if the aggregate annual premium paid by an individual is above Rs 5 lakh for a life insurance policy, which is issued on or after April 1, 2023.
Morgan Stanley also expects 15-20 percent overall APE growth in FY24. The February insurance data was very weak but HDFC Life was an outlier with a strong 38 percent growth in retail APE premiums.
Morgan Stanley has a price target of Rs 715 on the stock which is a potential upside of 55 percent.