Shares of Life Insurance Corporation (LIC) rose the most on November 14 since listing after India's largest life insurance company reported a net profit of Rs 15,952 crore for the quarter ended September (Q2FY23) on Friday, a manifold increase from Rs 1,433 crore in the corresponding period last year.
In the June quarter, the insurer reported a net profit of just Rs 682.9 crore.
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First-year premium, an indication of business growth, came in at Rs 9,124.7 crore for the quarter compared with Rs 8198.30 crore a year ago.
Net premium income was Rs 1.32 lakh crore, compared with Rs 1.04 lakh crore in the year-ago period.
Days before the release of the quarterly result, speculations were rife about the state-run company planning to pay dividends or issue bonus shares to shareholders. On October 31, the reports led to the LIC shares rallying by over 2.5 percent in early trade.
The scrip closed at Rs 628 at the BSE on November 11, which was nearly 1.17 percent higher than the previous day's close.
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While the stock has gained momentum over the past few days, it is yet to reach the value held at the time of the company's historic initial public offering (IPO).
LIC had debuted on the stock exchanges in May this year, but the shares have since dropped by around 30 percent.
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