Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>Product mix largely stable; non-linked growth decelerates: Overall individual product mix was largely stable in 4QFY22.</li></ul><div><ul><li>Margin improvement led by product mix: FY22 VNB margin stood at 27.4%, up from 26.1% in FY21.</li></ul><div><div><div><ul><li>EV up 13% YoY: Standalone EV increased by 13% YoY to Rs30.5bn.</li></ul></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Product mix largely stable; non-linked growth decelerates: Overall individual product mix was largely stable in 4QFY22.Margin improvement led by product mix: FY22 VNB margin stood at 27.4%, up from 26.1% in FY21.EV up 13% YoY: Standalone EV increased by 13% YoY to Rs30.5bn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDFC Life Insurance Company - Margin Expansion Led by Product Mix Improvement