Why LIC Shares Are Soaring Today

LIC’s share price continued to gain for the fourth straight day on Thursday as the company posted its earnings for the quarter ended March.

What Happened: The insurance behemoth’s consolidated net premium income stood at ₹1.32 lakh crore down 8.4% from the ₹1.44 lakh crore income it reported in the same quarter last year. On the other hand, the company’s net profits grew multifold to ₹13,190.8 crore as against ₹2,409.4 crore.

During the review quarter, LIC’s first-year premium amounted to ₹12,811 crore, a 12% decline compared to ₹14,614 crore recorded in the corresponding quarter of the previous year. Income from investments experienced a slight increase, reaching ₹67,846 crore for the January-March period, as opposed to ₹67,498 crore in the same period last year.

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The insurer also announced a ₹3/share dividend for the year ended March. The record date for the dividend payment is July 21. Earnings per share for the quarter stood at ₹20.86.

The company has had a difficult time at the bourses since listing. LIC’s share price is down over 25% from its listing price. Since the start of the yea,r shares of the company have slumped close to 15%.

Price Action: LIC’s share price was up 2.73% to trade at ₹610.10 as the markets opened on Monday.

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