Rs 6/Share Dividend: Large Cap PSU To Trade Ex-Date On July 19, Buy For TP Rs 1280

Shares of leading insurance major Life Insurance Corporation of India (LIC) will trade ex-dividend on July 19 for Rs 6 per share dividend. The record date for LIC share is July 19, 2024. Current market price of Life Insurance Corporation share on BSE is Rs 1093.20 per share with fall of 1.44% till noon trade. Life Insurance Corporation of India shares offered over 8% in last 2-weeks and surged 76% in last 1-year. Brokerage firm Angel One has recommended investors buying LIC share with target price of Rs 1280 and keep stop loss at Rs 988 per share. LIC was listed in May 2022. Government sold more than 22.13 crore share or 3.5% stake in LIC via an Initial Public Offering (IPO). Government held 96.5% stake in LIC. LIC emerged as 8th most valued domestic company in terms of market valuation. Check details below:

Life Insurance Corporation Dividend: As per the regulatory filing of LIC issued as on May 27, 2024, "recommended a final dividend of Rs. 6/- per equity share for the financial year ended March 31, 2024, subject to declaration by Members of the Corporation in Annual General Meeting (AGM)."

LIC Dividend Record Date: The BSE filing added, "Further, in terms of Regulation 42 of the Listing Regulations, the Board has fixed July 19, 2024 as the "Record Date" for the purpose of ascertaining the eligibility of members of the Corporation for the proposed final dividend."

Life Insurance Corporation Share Performance: The 52-week high price of LIC share on BSE is Rs 1175.00 per share (as on 09/02/2024) and 52-week low price is Rs 597.65 per share (as on 26/10/2023), respectively. Life Insurance Corporation shares surged 22.96% in last 6-months, gained 29% year-to-date, and offered return of 59% in last 2-years.

Angel One Has Buy On LIC: Angel One recommended buy on Life Insurance Corporation stock and suggested buying it around Rs 1100 to Rs 1080 for a target price of Rs 1280 with stop loss to be maintained at Rs 988. The brokerage firm said LIC registered a substantial jump in price in the last trading session to breach its previous swing high on the daily chart. Moreover, the counter recorded a robust traction in terms of trading volumes and also registered a range breakout on the daily time frame chart.

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 Angel One. 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.