LIC‘s share price was upbeat on Tuesday after the company posted its results for the quarter ended March on Monday evening.
What Happened: The insurance giant’s net profit for the March quarter reached ₹13,762 crore, an increase of around 2.4% from the ₹13,427 crore logged in the same quarter last year. The company’s net premium income for the January-March period was ₹1.52 lakh crore, up around 15.5% from ₹1.31 lakh crore reported a year ago.
The company's board declared a ₹6 per share final dividend for the year ended March 2024. The record date for the
dividend payment is July 19.
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What Are Analysts Saying: JP Morgan maintained its “overweight” rating for the stock with a target price of ₹1,340. The brokerage said the company’s March-quarter numbers were good, with earnings and new business value beating its estimates.
The analysts said that the stock at current valuations looks inexpensive and still has room for business development. Citi also maintained its “buy” rating for the stock with a target price of ₹1,295.
Price Action: LIC’s share price was up 1.15% to trade at ₹1,048 as the markets opened for business on Tuesday.
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