LIC shares rally 9%, hit Rs 1,000-mark. Here's why

Shares of Life Insurance Corporation of India (LIC) climbed 9 per cent in Monday's trade and crossed the Rs 1,000 crore mark. The largest domestic life insurer said it has announced the launch of its new product LIC's Index Plus available for sale from February 6, 2024. The product is unit linked, non-participating, individual life insurance plan for the domestic market. The LIC stock rose 8.81 per cent to hit a record high of Rs 1,027.95. The stock is up 18 per cent year-to-date.

The stock also gained, as a Moneycontrol report suggested Tuhin Kanta Pandey, secretary to the Department of Investment and Public Asset Management, as saying: "The digital transformation of Life Insurance Corporation of India (LIC) could "really spur... (it) into becoming a very smart organisation".

The media report suggested Pandey as saying that said LIC was improving very fast on all fronts and that it was working hard to retain its market share in a profitable manner.  "This includes closing some products, even if they were high growth, and issuing a number of non-par products," the media report suggested. 

LIC would be announcing its quarterly results later this week on Thursday, February 9. Its board may announce interim dividend for FY24 the same day. LIC would host earnings call with analysts and investors at 8.30 am (IST) to discuss financial results on Friday, the same day. Various fund houses, institutional investors and brokerages are expected to participate in the group call. 

Recently, LIC suggested that Executive Director Pramila Shekhar(Management Development Centre), senior management personnel of the corporation, will be superannuating from the services of the Corporation on January 31, 2024, at close of office hours. Besides, it had informed that Executive Director (Right to Information) Malika Prasad was to superannuate from the services of the corporation on January 31, 2024.

Also read: Apeejay Surrendra Park Hotels IPO booked 1.5x in three hours; retail portion books 3.33 times