SBI Life Shares Hit Record After IRDAI Approves Amit Jhingran's Appointment As CEO

Shares of SBI Life Insurance Co. hit a fresh record high on Wednesday after the insurance regulator approved the appointment of its chief executive officer.

The Insurance Regulatory and Development Authority of India approved the appointment of Amit Jhingran as managing director and chief executive officer, according to an exchange filing.

Jhingran joined the State Bank of India as a probationary officer in August 1991. In a career spanning over 30 years with SBI, he has held various assignments across international banking, retail banking, and branch management.

Shares of SBI Life Insurance Co. rose 1.30% to 1,366.95 apiece as of 9:42 a.m., compared to a 0.31% decline in the NSE Nifty 50. The stock rose 1.83% to hit a record high at Rs 1,374 apiece. It has risen 11.14% year-to-date.

Total traded volume stood at 5.7 times its 30-day average. The relative strength index at 70, implying that the stock maybe overbought.

Out of the 32 analysts tracking the company, 30 maintain a 'buy' rating, and two recommend a 'hold' on the stock, according to Bloomberg data. The average 12-month price target given by analysts implies a potential upside of 15.7%.