New Delhi witnessed an electrifying boost in the stock market as Life Insurance Corporation of India (LIC) stole the spotlight with a jaw-dropping nearly 3% surge in its shares. LIC's amazing show follows its impressive financial report for April-June. The net profit surged to a massive ₹9,544 crore.
The trading day was nothing short of exhilarating, with LIC shares trading as high as ₹676.95, marking an impressive 5.42% jump during the day. Ultimately, the stock settled at ₹659.95 on the BSE, a commendable 2.78% increase. Over at the NSE, the numbers were equally impressive, with a 2.85% surge, settling at ₹660 per piece.
The trading floors were bustling with activity, witnessing 4.71 lakh shares of LIC exchanged on the BSE and a staggering 52.54 lakh shares on the NSE throughout the day. It's a far cry from the same period last year when the state-owned life insurance giant recorded a net profit of ₹683 crore.
LIC's financial report for the June quarter is nothing short of extraordinary. The total income skyrocketed to ₹1,88,749 crore, a remarkable climb from ₹1,68,881 crore in the same period the previous year, as reported by LIC in a regulatory filing on Thursday.
The investment sector played a pivotal role in LIC's triumphant story, with net income from investments soaring to ₹90,309 crore in the quarter, a significant leap compared to ₹69,571 crore in the April-June period of 2022-23.
Celebrations continue on the asset quality front as well, with the gross non-performing assets ratio showcasing a remarkable improvement, easing down to 2.48% from a previous 5.84% during the same period last year.
LIC's impressive performance has definitely sparked excitement among investors & people who follow the market. The big life insurance company is achieving new levels of financial success, which is really remarkable.