Life Insurance Corporation of India (LIC) will announce its third quarter financial results and may declare an interim dividend for FY 24 on February 8, the company said in its stock exchange filing on Monday.
“A meeting of the Board of Directors of the Corporation is scheduled to be held on February 08, 2024, inter-alia, to consider and approve the Unaudited Financial Results (Standalone and Consolidated) for the quarter and nine-month period ended on December 31, 2023. In the said meeting, the Board of Directors may consider a proposal for declaration of Interim Dividend for the Financial Year 2023-24,” said the company in its BSE filing.
Also Read: ‘Needed to fill gaps in internal systems…’: Nirmala Sitharaman explains how LIC was prepared for IPO
On Monday, LIC shares touched their 52-week-high mark of ₹1,027.95 per share on BSE. The company scrip closed 5.90% higher at ₹1000.35 per share today.
Over the past six months, LIC’s share value has increased by 51.90%. The public sector insurer achieved a major feat on Monday after its market valuation crossed ₹6 lakh crore after its shares rose by 6% to hit the ₹1,000 mark for the first time.
Also Read: LIC Housing Finance to bank on affordable loans for credit growth, margins
At the NSE, LIC shares surged 5.64 per cent to ₹998.85. During the day, it jumped 8.73 per cent to ₹1,028 — its 52-week high. The sudden market surge took the company’s market capitalisation (mcap) to ₹6,32,721.15 crore. The company stock value has improved by 16.54 YTD and by 66.98% in the last year.
Also Read: LIC Unveils Jeevan Dhara II featuring unique annuity choices; here’s all you need to know
In December, LIC toppled the State Bank of India (SBI) to become the country’s most-valued PSU firm by market valuation. Till now, Reliance Industries stands as India’s most valued firm with a market capitalisation of ₹19,46,521.81 crore, followed by Tata Consultancy Services ( ₹14,53,649.63 crore), HDFC Bank ( ₹10,97,634.10 crore), ICICI Bank ( ₹7,18,367.25 crore), Infosys ( ₹7,00,077.62 crore) and LIC ( ₹6,32,721.15 crore).
One year after the launch of the LIC IPO, the company stock was often labelled as a wealth destructer by market experts. However, the company stock has been performing well over the past 5-6 months. The central government sold over 22.13 crore shares, or a 3.5 per cent stake in LIC, through an Initial Public Offering (IPO).
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Published: 05 Feb 2024, 09:17 PM IST
