Which stock do you see as the immediate beneficiary of Exide Life / HDFC Life deal?

While both HDFC Life and Exide are likely to benefit in the long run from synergies, the short term gainer could be Exide Life where benefits are more palpable. Exide insurance get a much bigger balance sheet. Exide Industries also gets Rs.726 crore in cash, which can be deployed in the core batteries business. In addition, it retains the insurance business ownership as it will still have a 4.3% stake holding in HDFC Life Insurance.