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This is an archive article published on November 24, 2023

LIC shares end nearly 10% higher

LIC shares closed with a gain of 9.69 per cent at Rs 677.65 on the BSE on Friday.

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licLIC reported a 49.68 per cent fall in net profit at Rs 7,925 crore for the quarter ended September 2023 as against Rs 15,952 crore in the same period a year ago.

Shares of Life Insurance Corp of India (LIC), India’s biggest insurer, gained nearly 10 per cent Friday on the back of buying support.

LIC shares closed with a gain of 9.69 per cent at Rs 677.65 on the BSE on Friday. Cumulative traded volume on the BSE and the NSE increased from 7.62 lakh to 8.50 lakh over the last three days. Total turnover during the same period increased from Rs 46.68 crore to Rs 52.23 crore.

Brokerage firms such as Motilal Oswal and BOB Capital in their report released in November said that LIC is currently selling at a significant discount to its issue price of Rs 949 per share.

LIC reported a 49.68 per cent fall in net profit at Rs 7,925 crore for the quarter ended September 2023 as against Rs 15,952 crore in the same period a year ago. Net premium income of the insurer declined to 18.70 per cent to Rs 107,396 crore for the quarter ended September as against Rs 132,104 crore a year ago.

In terms of market share measured by first year premium income (FYPI), LIC continues to be the market leader by market share in Indian life insurance business with overall market share of 58.50 per cent, LIC Chairman Sidhartha Mohanty said earlier this month.

 

© The Indian Express Pvt Ltd
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