Life Insurance Corporation of India (LIC) witnessed a remarkable surge, hitting a 52-week high on February 7, in response to Prime Minister Narendra Modi’s positive remarks regarding public confidence in PSU companies. Modi, addressing the Rajya Sabha, highlighted the substantial growth in PSU net worth in recent years.
LIC shares closed at Rs 1,045 on the BSE, marking a 1.98 percent increase. The intraday peak reached Rs 1050.50.
Over the past five years, Indian PSU companies, including LIC, have demonstrated outstanding market performance. Nifty PSE outperformed Nifty with a 108 percent return from the FY23 to FY24 interim budget, compared to Nifty’s 23 percent.
LIC may announce an interim dividend for the financial year 2023-24 on February 8, coinciding with the release of its Q3 FY24 results, as per recent announcements made to the exchanges.
The state-run insurer’s board of directors is scheduled to convene on February 8 to review and approve the unaudited financial results for Q3 FY24.