Five of India's leading life insurers - ICICI Prudential Life, SBI Life (NS:SBIL), HDFC Life, Tata AIA Life, and Kotak Life - have shown a strong preference for midcap firms Indian Hotels (NS:IHTL) Ltd (IHCL), Federal Bank (NS:FED) Ltd, and Bharat Forge Ltd (NS:BFRG) at the end of September.
IHCL attracted ₹1,991 crore due to its operational efficiency and a zero-debt balance sheet. Federal Bank secured ₹1,782 crore following a 20% year-on-year advance rise and a 23% deposit increase. Bharat Forge drew in ₹1,641 crore with an anticipated 30.1% year-on-year revenue growth, EBITDA margins at 17%, and a profit rise of 13.4%.
Other midcap companies that were favored include Ashok Leyland (NS:ASOK), Nykaa (NS:FSNE), Voltas (NS:VOLT), Persistent Systems (NS:PERS), Ramco Systems (NS:RMCS), AU Small Finance Bank (NS:AUFI) (SFB), Astral Pipes, Balkrishna Industries (NS:BLKI), Cummins (NYSE:CMI), and M&M (NS:MAHM) Financial.
In the smallcap sector, Krishna Institute (NS:KRII) of Medical Sciences Ltd (KIMS), Affle India (NS:AFFL), and Redington India were the preferred choices. KIMS led the pack with investments amounting to ₹677 crore (INR100 crore = approx. USD12 million).
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