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- LIC registers record profit in 25 months by selling 2,980 Cr shares
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New DelhiThe day before
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- 1,200 crore from the sale of LIC shares in the current fiscal year. Profit target
- From April 1 to November 0, the insurance company bought shares worth Rs 600,57,474 crore
Life Insurance Corporation of India (LIC), the country’s largest life insurance company, has reported a profit of Rs 2,25,908 crore from the sale of shares in the first months of the current fiscal. April 1 to November 300. This is a relief news for LIC, which is preparing for the country’s largest initial public offering (IPO).
Profits rose 66% a year ago
According to the report, LIC’s profit in the first months of the current financial year. 66.3% or Rs. 15,578. Crore. LIC has set a profit target of Rs 322,000 crore from the sale of shares in the current financial year (2020-21). 0% of this is received in the first few months. This is the highest return on equity investment in LIC’s 64-year history. LIC’s profit from the sale of stock in FY201-20 was Rs.
Stock markets pick up speed
LIC has made record profits from stock sales from stock market profits. The Bombay Stock Exchange (BSE) benchmark Sensex has risen by 1-1.4% at the beginning of the current financial year, i.e. from April 1 to November-November. A LIC spokesperson says the life insurance company is a contrasting investor and the company focuses on long-term growth.
Record profits booked in equity
The spokesperson says that most of the time when there is a sale in the market, we do the shopping. When buying in the market, we sell. This year has been especially good. According to the spokesperson, with good purchases, we will increase the equity portfolio. We have booked record profits in equities. November – As of November, we have made the most profit in the history of LIC.
Single premium increased by 22.4%
According to regulatory data, individual and group policy single premium business grew by 22.4 percent in the April-November period. The company received a premium of Rs. 400 crore during the period. Rising premiums and profits could boost investor interest in LIC’s IPO. During the period from April to September, LIC acquired ITC, NTPC, ICICI Bank, Nestle India, Britannia, ABB, Drs. Reddy reduced the shares by selling the shares of the lab.
Most of the profits come from the sale of shares
Most of the profits from LIC, the country’s largest life insurance company, come from the sale of shares. It is believed that due to good profits, LIC gives good bonuses and returns. In addition, the company will invest its surplus in the market, which will help the market in this indefinite period. Apart from this, new customers will also be added to the company keeping in view the profit. A spokesperson for LIC said, “We have set a target of purchasing equity worth Rs 77,000 crore in the current financial year.” However, it depends on the market conditions.
So far, it has bought shares worth Rs 60,574 crore
In the last financial year, LIC had bought 1,590.02 crore shares. The company has bought shares worth Rs 600,57,474.9 crore in the current fiscal till November 300. An additional 511% shares have been purchased this year as compared to Rs 0.08.83 crore in the corresponding period of the previous year. Currently, the current fiscal year has an excellent period of months and the company’s purchases are ongoing.