Shares of Life Insurance Corporation of India (LIC) on Friday jumped almost 6 per cent after the company’s net profit for the April-June quarter jumped multi-fold to Rs Rs 9,544 crore.
LIC’s shares opened higher at Rs 666 and soon climbed 5.8 per cent to hit an intraday high of Rs 679 on NSE. At the time of writing, LIC’s shares were trading 3.07 per cent higher at Rs 661.40.
State-owned LIC net profit jumped 13 per cent from Rs 683 crore in the year-ago period.
However, the life insurance behemoth’s net premium income was nearly flat at Rs 98,362.75 crore as compared to Rs 98,351.76 crore in Q2FY23.
On a quarter-on-quarter basis, LIC’s net profit slipped 29 per cent from Rs 13,428 crore reported in fourth quarter of FY23. LIC’s net premium income fell 25 percent QoQ.
LIC, which is the largest investor in the stock markets, said its income from its investments jumped almost 30 per cent in Q1 to Rs 90,309 crore from Rs 69,571 crore in the same quarter of last fiscal.
