We revise our rating to HOLD as we see limited upside to the share price with a target price of Rs. 630. Gross premium income rose 14.9% YoY aided by higher first year premiums (+23.2% YoY). However, PAT remained flat YoY at Rs. 250cr. Value of New business (VNB) grew 45% YoY in 9MFY20 to Rs. 1,407cr...