LIC shares rise as stock trades ex-dividend today. Details here
- LIC board had announced dividend payment of ₹1.50 per equity share after its meeting held on 30th May 2022
Stock in focus: Life Insurance Corporation (LIC) of India or LIC share price today surged in early morning session. As the insurance stock trades ex-dividend today, LIC shares opened upside and went on to hit intraday high of ₹679.90 apiece on NSE, logging near 0.55 per cent rise on Thursday session.
In its previous exchange filing, LIC of India had informed Indian exchanges that the board of directors of the insurance company approved dividend payment of ₹1.50 per equity share to its shareholders for the financial year 2021-22. The company board also fixed 26th August 2022 as record date for finalising eligible shareholders for dividend payment.
In exchange filing after the board meeting on 30th May 2022, LIC informed Indian stock market bourses about the dividend payment citing, "The Board of Directors of the Corporation has recommended dividend of ₹1.50 per equity share with face value of Rs. IO each for the year ended March 31, 2022, which is subject to approval of Shareholders in AGM."
Later on, LIC of India informed about the record date citing, "With reference to the above we hereby inform that the Board of directors of the corporation at its meeting held today, has, inter alia, considered and approved record date for dividend payment will be 26th August 2022."
LIC dividend yield
On Wednesday, LIC shares finished at ₹675.90 apiece levels on NSE. As the corporation has announced dividend of ₹1.50 per equity share, current dividend yield of LIC is around 0.22 per cent.
LIC share price history
The LIC IPO was launched in May 2022 at a price band of ₹902 to ₹949 per equity share. Shares of the insurance behemoth had a discounted listing as it listed on BSE at ₹867.20 whereas it listed on NSE at ₹872 apiece, around 8 per cent lower from its upper price band of ₹949 per equity share. After listing, LIC share price has made life-time high of ₹918.95 apiece levels on NSE whereas it has made its life-time low of ₹650 per share on NSE. This means, allottees of the LIC shares have remained in loss since its listing as the LIC shares are yet to go past its upper price band of ₹949.
In Q1FY23, LIC of India registered a breath-taking 23,127.21 per cent rise in standalone net profit to ₹682.89 crore compared to a profit of ₹2.94 crore in the same quarter last year. On YoY (year-on-year) basis, LIC's overall business witnessed a strong momentum with marketing activity picking up pace. The insurance behemoth's total premium income climbed 20.35 per cent to ₹98,351.76 crore in Q1FY23 compared to ₹81,721.41 crore during Q1FY22.
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