LIC Shareholders in for a Treat : LIC’s share performance has been on a high, delighting investors since the country’s oldest government insurance company, the Life Insurance Corporation of India (LIC), entered the stock market. Recently, the company has brought good news for investors by announcing record-breaking profits and plans to distribute the benefits of this windfall.
Notably, on Thursday, February 8, 2024, LIC shares closed at ₹1106.25, marking a 6% surge. What’s noteworthy is that on the same day, the stock hit its 52-week high. The state-owned insurance company, LIC, is now gearing up to reward its shareholders with a substantial interim dividend.
The company’s stock recorded a net profit of ₹9444 crores for the quarter ending December in the ongoing financial year 2023-24. LIC is set to distribute an interim dividend of ₹4 per share to its investors for the financial year 2023-24.
LIC has been consistently increasing its profits, with the net profit for the current quarter witnessing a 49% rise compared to the same period in the previous financial year. The company’s net profit for the December quarter stands at ₹9444 crores, showcasing a significant increase.
The news of LIC providing an interim dividend of ₹4 per share has delighted the shareholders, especially considering the company’s continuous profit growth. LIC has declared February 21, 2024, as the record date for the dividend, and the payment is expected to be made within 30 days from the declaration date. LIC is set to incur an expenditure of ₹2529 crores for this dividend distribution. This announcement further solidifies LIC’s position as a favorable investment choice for shareholders.