LIC shares were listed on May 17, 2022, at a discount of 8.6% to the upper price band of Rs 949 per equity share.
The stock was trading amid significant volumes with over 48.64 lakh shares changing hands on the NSE around 11:20 am. Extending Monday’s gains, the stock has shot up 8% in two sessions.
On March 29, 2023, LIC had hit its 52-week low of Rs 530.05.
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The stock has returned over 24% in the past 12 months and its gains are in line with those given by Nifty50 during this period.
LIC shares are currently trading above their 50-day and 200-day simple moving averages (SMAs) and with back-to-back rallies the stock has now fallen into the overbought zone with MFI reported by Trendlyne at 72. LIC’s market cap stands at Rs 5.59 lakh crore. The stock is also closing gap with India’s biggest lender State Bank of India (SBI) whose market cap is at Rs 5.72 lakh crore.
LIC reported an over 50% year-on-year (YoY) fall in net profit for the quarter ended September 2023 to Rs 7,925 crore.
The net premium income declined by nearly 19% on year to Rs 1.07 lakh crore.
However, the profit number may not be comparable on a YoY basis, since LIC changed its accounting policy in the same quarter last year for the transfer of amount pertaining to the accretion on the Available Solvency Margin from Non-Participating Policyholders Account to the Shareholder’s Account. Accordingly, it transferred a total amount of Rs 27,241 crore during FY23. Net commission for the quarter stood at Rs 6,077 crore, compared with Rs 5,808 crore a year ago.
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