Investors holding LIC shares are in for a pleasant surprise.
The company’s latest quarterly results, released yesterday, reveal a remarkable 14-fold surge in profits, leading to excitement among investors akin to winning a lottery.
This surge has triggered a buying frenzy, propelling LIC’s stock price to a 6% increase, reaching 679.95.
Strong Profits Drive LIC’s Stock Surge
LIC’s stock rally is a direct result of the company’s robust performance in the first quarter.
The day witnesses enthusiastic trading as investors flock to acquire shares.
In this quarter alone, Life Insurance Corporation of India’s net profit has skyrocketed to Rs 9,544 crore, a substantial leap from Rs 683 crore during the same period last year.
Impressive Income Figures
LIC’s financials demonstrate significant growth, with the public sector insurer’s total income surging to Rs 1,88,749 crore this June quarter, compared to Rs 1,68,881 crore in the corresponding quarter of the previous fiscal year.
Notable Premium and Earnings Changes
The June quarter witnessed a decline in the first-year premium, reaching Rs 6,811 crore as opposed to Rs 7,429 crore in the same period of 2022.
However, the insurance giant’s earnings stood strong at Rs 53,638 crore, marking an increase from Rs 50,258 crore in the previous fiscal year’s equivalent quarter.
Steady 21% Rise Over 3 Months
LIC shares have demonstrated an impressive upward trajectory over the past three months, clocking a substantial 21% increase.
From a May 9 valuation of 557, the share price climbed steadily, reaching a notable high of 679 on August 11.
