
LIC shares rise 4% as Q4 profit jumps over five-fold
The country’s largest life insurer posted 447% growth in consolidated net profit at ₹13,191 crore as compared to ₹2,409 crore in the same quarter of last year.
The country’s largest life insurer posted 447% growth in consolidated net profit at ₹13,191 crore as compared to ₹2,409 crore in the same quarter of last year.
Finance Minister Nirmala Sitharaman reduced the tax exemption limit on high-value insurance policies.
LIC of India share price jumped 8.7% to ₹682.70 on the BSE, registering its biggest intraday gain since listing.
LIC stock trades 0.29% down a day after it announced its shareholding in Power Grid has diluted from 5.303% to 3.3%.
LIC shares have eroded investors’ wealth by ₹1.9 lakh crore as m-cap fell to ₹4.1 lakh crore as compared to the valuation of around ₹6 lakh crore during the listing.
LIC shares have wiped out ₹1.4 lakh crore of investors’ wealth as market-cap dropped to ₹4.57 lakh crore as compared to around ₹6 lakh crore at the time of listing.
The dismal market debut shows the country’s largest life insurer is yet to prove its mettle before investors.
In the previous quarter, LIC recorded ₹234.9 crore profit as compared to ₹90 lakh profit during the same quarter a year earlier. Its first-year premium was ₹8,748.55 crore.
LIC shares traded at a discount of ₹16-₹19 in the grey market on Monday, indicating that the stock may have muted or soft opening on the domestic bourses.
The insurance major saw its grey market premium (GMP) rise 80% on April 28, a day after the IPO was announced.