LIC Latest Stock Price : There is a strong rise in the shares of Life Insurance Corporation of India (LIC) today, 28 November 2024. Today this share became stronger by about 4 percent and reached the price of Rs 953. Whereas on Wednesday it closed at Rs 916. There are reports that LIC may further enter the health insurance sector. There are reports that LIC is in talks to acquire substantial stake in ManipalCigna Health Insurance, which have also advanced. Sources say that LIC may aim for 50 percent stake in ManipalCigna Health Insurance.
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The company is looking for more opportunities in the insurance sector
Manipal Education and Medical Group and America based Cigna Corporation have stake in ManipalCigna. Bengaluru-based Manipal Education Group holds 51 percent stake in the health insurance company, while Cigna Corporation holds the remaining 49 percent. If this deal is finalized, it will give PSU insurance company LIC an opportunity to do business separately from its life insurance portfolio. This will also increase the growth of the company. At present, health insurance has 37 percent share in the insurance sector of the country.
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Product portfolio will be strong
LIC had earlier also indicated that ground work is underway to find a suitable health insurance company, and we will finalize the stake within this financial year. This acquisition could potentially strengthen LIC’s portfolio by diversifying its offerings and entering India’s rapidly growing health insurance market.
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Stock has increased by 39 percent in 1 year
LIC shares have increased by about 39 percent in the last one year. Whereas till now this share has strengthened by about 9 percent. Let us tell you that since the IPO, there has been continuous pressure on the shares of LIC. The IPO price of LIC was Rs 949. Currently the stock is around Rs 950. The 1 year high for this stock is Rs 1222.
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Target price up to Rs 1300 in stock
Brokerage house Motilal Oswal in its recent report has given a buy rating to LIC shares and has given a target price of Rs 1200. The brokerage house says LIC has maintained its industry leader position and is focusing on driving growth in highly profitable product segments (primarily protection, non-PAR and savings annuities).
Brokerage house JM Financial in its recent report has given a buy rating to LIC shares and a target price of Rs 1300. The brokerage says we are positive on LIC’s ability to grow its non-PAR business and strong EV returns due to MTM gains.
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