Karnataka Bank gains on insurance distribution deal with HDFC Life
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Karnataka Bank has entered into a strategic corporate tie-up with HDFC Life, one of the country’s premier life insurance providers.
Shares of Karnataka Bank gained 1 percent in early trade on November 21 on inking a pact with HDFC Life Insurance to distribute life covers. At 9:15am, the stock was trading at Rs 221.28 on the NSE.
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The objective of this partnership is to offer customers a range of innovative and customer-centric financial solutions, the company said in a filing with the exchanges on November 20.
Check brokerage views, target price
Brokerage firm ICICI Direct is bullish on Karnataka Bank and has assigned a ‘buy’ rating on the stock with a target price of Rs 285, according to a recently released research report. “We are excited to partner with HDFC Life in our centenary year. This collaboration aligns with our commitment to enhancing the suite of financial products and services available as a choice to our customers,” Srikrishnan H, MD and CEO of Karnataka Bank, said.
Stock performance
Karnataka Bank stock has given a return of 59.27 percent over the last six months. The benchmark Nifty Bank index has given a return of 1.23 percent over the same duration.
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