This insurance stock was in green during Friday’s trading session after the company increased its existing stake in Gujarat Gas Limited. It now holds more than 5% stake in total.
Share price of LIC opened at Rs. 655.95 per share and traded higher to reach its intra- day high of Rs. 659.80 per piece. The stock gained 14.28% in the last six months and 1.83% in the last one year. Share price of Gujarat Gas Limited also traded higher in the market today.
On 21 Sep 2023, the company informed the exchange about the acquisition of 0.031% stake in Gujarat Gas Limited and increased its existing stake of 4.981% to 5.012% on 20 Sep 2023. LIC now holds more than 5% stake in the company where it holds 3.45 crore equity shares which was 3.42 crore equity shares earlier at an average price of Rs. 447.32 per share through open market.
Comparing the company’s statements on a QoQ basis, it recorded a revenue of Rs. 98,755.21 crore in Q1FY24, down by 25.3% from Rs. 1,32,223.21 crore in Q4FY23. It saw a reduction in the net profit of 22.5% from Rs. 11,162.89 crore in Q4FY23 to Rs. 8,651.18 crore in Q1FY24. It has a good average ROE for the last three years of 81.32 and maintains a low debt to equity ratio of 0.
Life Insurance Corporation of India is an insurance company which offers life insurance products such as child plans, health plans, group insurance schemes, pension plans. The company also operates in multiple countries and is headquartered in Mumbai, India. It started back in the year of 1818 when it came from England to India.
Written by Bhumika Khandelwal
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.