LIC share price gets down after profit fall in fourth quarter
By Lokmat English Desk | Updated: May 31, 2022 18:13 IST2022-05-31T18:13:51+5:302022-05-31T18:13:51+5:30
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At present, about Rs 1.6 lakh crore worth of IPOs are stuck due to volatility in the stock market. Companies and investors are waiting for the market to recover. An IPO of around Rs 89,000 crore has been approved.
At the same time, the shares of Life Insurance Corporation of India (LIC), which is listed in the stock market, have also gone deeper. The price to which the IPO was submitted.
Shares of LIC, which had a disappointing start to the capital market, fell further. In the fourth quarter of FY2021-22, LIC's profits fell by 17%. Its repercussions were felt on the stock today.
Shares of LIC fell 3%. This has raised concerns among investors. All eyes were on LIC's stock. However, the disappointing economic performance hit the stock.
LIC is currently trading at Rs 817.15 on the BSE. It has declined by 2.38 per cent. Earlier in the day, shares of LIC had plunged to Rs 810 intra-day.
At the National Stock Exchange (NSE), LIC was down by Rs 817.50, down 2.47 percent. Shares of LIC, meanwhile, rose 2 percent on Monday. LIC announced its fourth-quarter results on May 30, 2022.
In the January-March 2022 quarter, the corporation made a profit of Rs 2,409.39 crore. Compared to last year, this year's profit fell 17.41 percent. LIC had posted a net profit of Rs 2,917.33 crore in the same quarter last year.
LIC's net income for the quarter stood at Rs 1,44,158.84 crore. It increased by 17.88 per cent. In the same quarter last year, LIC had a revenue of Rs 1,22,290.64 crore.
LIC earned Rs 67,855.59 crore in the fourth quarter. There was a slight increase compared to last year. On the other hand, due to SEBI's toughness, some IPOs have yet to get approval. In order to protect the interests of investors, SEBI has directed companies on a number of issues.