Rs 4/Share Dividend In Q3, 73% Rally In 90-Days: Buy PSU LIC Shares For Target Price Of Rs 1270

Leading brokerage house Motilal Oswal appears upbeat on public sector undertaking Life Insurance Corporation of India (LIC) shares and has recommended buy call with target price of Rs 1270 apiece. Current market price of LIC Shares on BSE is Rs 1066.65 apiece with intraday gain of 0.25% as on February 23, 2024.

If you buy Life Insurance Corporation of India shares now, you can fetch likely return of 19.06%. Life Insurance Corporation of India shares BSE offered investors return of 81% in last 1-year span.

Life Insurance Corporation of India Shares Performance & Return: The 52-week high price of Life Insurance Corporation of India stock on BSE is Rs 1175.00 apiece and 52-week low price is Rs 530.20 apiece, respectively. The company has a market capitalisation of Rs 6,74,655.88 crore. LIC shares BSE gained 2.62% in last 1-year, declined 1.31% in last 2-weeks, soared 73% in 3-months, and gained 62% in last 6-months.

Life Insurance Corporation of India Quarterly Results: The PSU on February 12, 2024 declared its results for the quarter ended December 2023 wherein it announced a jump of 49% in its standalone net profit to Rs 9,444 crore from Rs 6334 crore declared in the corresponding quarter of last year. Its net premium income for Q3 surged 5% year-on-year (YoY) to Rs 1.17 lakh crore as against Rs 1.11 lakh crore announced in the similar quarter of last year.

LIC Dividend: The state-owned company also declared an interim dividend of Rs 4 per share or 40% of the face value of Rs 10 each. Board of Directors of LIC fixed February 21, 2024 as the record date for payment of the interim dividend. "The said interim dividend will be paid within 30 days from the date of declaration," the company said.

LIC Dividend Yield & History: Life Insurance Corporation of India announced 3 dividends since August 25, 2022. In the last 12 months, LIC announced an equity dividend amounting to Rs 7.00 per share. At the current share price of Rs 1066.65, Life Insurance Corporation of India's dividend yield is 0.66%, as per Trendlyne.

LIC Technical: LIC's RSI is 63.9, RSI below 30 is considered oversold and above 70 overbought. MFI is 74.0, MFI above 70 is considered overbought. This implies that stock may show pullback. Promoters holding stays unchanged at 96.50% in Dec 2023 quarter. FII/FPI have decreased holdings from 0.10% to 0.06% in Dec 2023 quarter. Mutual Funds have increased holdings from 0.59% to 0.79% in Dec 2023 quarter, according to Trendlyne.

LIC About: The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of Motilal Oswal. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.