The Life Insurance Corporation of India (LIC) may consider the declaration of interim dividend for financial year 2023-24 on February 8, the date on which it would be releasing its results for quarter ended December 2023.
The state-run insurer had last week informed the exchanges that its board of directors would be meeting on February 8 to consider and approve the unaudited financial results of Q3 FY24.
In an update issued on February 5, LIC told the bourses that the board "may consider a proposal for declaration of Interim Dividend for the financial year 2023-24".
Earlier in the day, LIC's shares soared by over 7 percent to cross the Rs 1,00-mark. This surpassed the IPO price of Rs 949 yet again, pushing the market capitalisation of the insurer above the Rs 6-lakh crore mark.
In mid-January, LIC overtook the State Bank of India and became the most valued public sector undertaking. The SBI share price on February 5 fell 1.11 percent to Rs 643.2 and its market cap stood at Rs 5.77 lakh crore.
The LIC stock has surged more than 55 percent in the past three months.
The digital transformation of LIC could "really spur... (it) into becoming a very smart organisation", Tuhin Kanta Pandey, secretary to the Department of Investment and Public Asset Management, told Moneycontrol in a recent conversation.
Pandey said LIC is "improving very fast on all fronts" and working hard to retain its market share in a profitable manner. This includes closing some products, even if they were high growth, and issuing a number of non-par products.
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