LIC Share Price NSE: Life Insurance Corporation of India (NSE: LICI) share price zoomed more than 9 per cent intraday on Monday, November 14, as Street cheered the state-owned insurer's robust September quarter results. The company reported a multi-fold jump in net profit to Rs 15,952 crore in the July-September quarter, boosted by profits from its investments. The insurer had reported a net profit of Rs 1,434 crore in the year-ago period, according to a regulatory filing.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

LIC stock opened at Rs 663.95 on NSE, jumping more than 5 per cent the previous close of Rs 627.70. The stock made intraday high of Rs 684.90 apiece, gaining more than 9 per cent -- also best intra-day rally since listing in on May 4, 2022. At 10:50 AM, the counter quoted Rs 662.

The company's total premium income rose to Rs 1,32,631.72 crore in the second quarter of the current fiscal from Rs 1,04,913.92 crore in the same period a year ago. LIC's total income increased to Rs 2.22 lakh crore in the latest September quarter compared to Rs 1.87 lakh crore in the year-ago period.

Brokerage firm ICICI Securities maintained a Buy rating on LIC with a revised target of Rs 917 apiece, implying a 48 per cent upside.

Click Here For Latest Updates On Stock Market | Zee Business Live