The public sector life insurance behemoth, the Life Insurance Corporation of India (LIC), may consider the declaration of an interim dividend for the financial year 2023–24 on February 8. The LIC Board will be releasing its results for the quarter ended December 2023 on the same day.
After it had last week informed the exchanges that its board of directors would be meeting on February 8 to consider and approve the unaudited financial results of Q3 FY24, the LIC issued an update on February 5, telling the bourses that the board may consider a proposal for the declaration of an interim dividend for the financial year 2023–24.
On Monday, the LIC share price crossed the ₹1,000 mark, hitting an intraday high of ₹1,026. This surpassed the IPO price of ₹949 yet again, pushing the market capitalisation of the insurer above the ₹6-lakh crore mark.
LIC is also India's most valuable PSU currently, overtaking the State Bank of India. LIC's current market capitalisation stands at ₹6.33 lakh crore, compared to SBI's ₹5.73 lakh crore.
That said, over the last 12 months, the LIC stock price has gained only 27%, compared to other PSE index constituents like REC, PFC, BHEL and HAL, which have gained anywhere between 140% to 250% over the same time frame.
For the fiscal year 2022-2023, LIC paid ₹1,831 crore to the government as a dividend. LIC IPO listed on bourses in May 2022 and is also India's largest IPO where the government divested a 3.5% stake in the company for over ₹21,000 crore. The PSU life insurance stock trades on a very low float, as the government still owns the remaining 96.5% stake. As a result, any significant move on either side will be extreme.
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