LIC Stock Outlook : Today, flat trading is being seen in the shares of the country’s largest government insurance company LIC (Life Insurance Corporation). The closing price of the stock yesterday was around Rs 1036 (lic stock price) LIC is trading at Rs 13,763 crore. The company has released its quarterly results on Monday. LIC’s profit has increased by 2.5 percent on an annual basis to Rs 13,763 crore, which was Rs 13,421 crore in the same quarter a year ago. LIC has announced a final dividend of Rs 6 per share to its shareholders. Currently, after the results, brokerage houses are also forming their opinion about the stock.
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LIC Share Movement
The stock of LIC has strengthened by about 20 percent so far this year i.e. in 2024. At the same time, the stock has gained 53 percent in the last 6 months. Whereas in 1 year it has strengthened by 70 percent. This stock, which was an underperformer for a long time since its listing, saw a significant rally last year.
Interim + Final Dividend
LIC Chairman Siddharth Mohanty said that the board of directors has recommended a dividend of Rs 6 per share for the financial year 2023-24. This is subject to the approval of the shareholders. Earlier, the company had given an interim dividend of Rs 4 for the financial year 2023-24. Combining interim and final dividend, it came to Rs 10 per share.
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QoQ profit up 2.5 per cent
LIC’s profit has increased by about 2.5 percent to Rs 13,763 crore. The profit was mainly affected due to salary hike. The total income of the company increased to Rs 2,50,923 crore in the January-March quarter of the financial year 2023-24 from Rs 2,00,185 crore in the same quarter of the previous year. The premium income of the company also improved to Rs 13,810 crore in the quarter ended March 2024 from Rs 12,811 crore in the same quarter a year ago.
YoY profits also increased
LIC’s profit in the entire financial year 2023-24 was Rs 40,676 crore, which was Rs 36,397 crore in the previous financial year. Total premium income stood at Rs 4,75,070 crore at the end of the quarter ended March 2024, which was Rs 4,74,005 crore a year ago. LIC’s asset under management grew by 16.48 per cent to Rs 51,21,887 crore in the financial year ended March 31, 2024. It was Rs 43,97,205 crore a year ago.
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What does the brokerage house have to say (LIC Share Outlook)
Brokerage house JP Morgan has given an overweight rating to LIC shares and has given a target of Rs 1340. The brokerage says that the valuation of LIC stock is cheap right now. At the same time, there is full scope for strong business growth in LIC in the future, due to which its benefit can be seen in the form of growth in the stock in the coming days. The market share of the company is also strong, due to which LIC will benefit from any growth in this sector. Brokerage house Citi has also given a buy rating to LIC and has set a target price of Rs 1295.
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