Relief for investors as LIC share prices rally over 9 per cent as Q2 net zooms multifold

LIC Share Price: In a relief for investors who have had Life Insurance Corporation (LIC) shares in their portfolio, the share prices of the insurance giant have again started going upward. It may be recalled that the LIC shares were listed on the exchanges in May 2022 for Rs 949 a piece after its IPO. However, since the listing, its price had fallen by around 35 per cent and investors lost around Rs 2.23 lakh crore till October 29. It was at this time when a Reuters report claimed that the company is planning bonus shares and dividends of about Rs 1.8 lakh crore to the shareholders. Since then, the stock has been going up and the same was also supported by an increase in the revenue of the company. 

LIC on Friday reported a multi-fold jump in net income at Rs 15,952 crore in the July-September quarter, from Rs 1,434 crore a year-ago. More than 40 per cent of the net income came in from profit from investments which reached Rs 6,798.61 crore, but down from the year-ago period when it had booked Rs 6,961.14 crore.

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In the June quarter, which was its first earnings after going public in May with an over Rs 20,530-crore IPO, the insurer had reported a net profit of just Rs 682.9 crore.

Today, the shares of LIC jumped over 9 per cent following the jump in its net income. The stock rallied 8.70 per cent to Rs 682.70 on the BSE. At the NSE, it climbed 9.11 per cent to Rs 684.90. At 12.15 pm, the LIC shares were trading at Rs 665.25 apiece, up 5.98 per cents at the NSE Nifty and Rs 665.70 apiece at the BSE, up 5.99%. 

(With agency inputs)