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Business News/ Markets / Stock Markets/  LIC stock rallies 2% after company receives refund order worth 21,740 crore from Income Tax Dept
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LIC stock rallies 2% after company receives refund order worth ₹21,740 crore from Income Tax Dept

The LIC stock opened at ₹1,068 per share on Monday's trading session, up by 2.7 percent from previous close at ₹1,039 per share on Friday last week.

Life Insurance Corp. of India (LIC) Photographer: Samyukta Lakshmi/Bloomberg (Bloomberg)Premium
Life Insurance Corp. of India (LIC) Photographer: Samyukta Lakshmi/Bloomberg (Bloomberg)

Life Insurance Corporation (LIC) India shares saw a notable uptick of over 2 percent. This surge followed the insurer's announcement of receiving refund orders amounting to 21,740 crore, pertaining to the period from 2012 to 2019. 

According to a regulatory filing made by the company on February 16, the total value of refunds stands at 25,464 crore, with the company actively pursuing the remaining balance with the Income Tax Department. 

“In this regard, the Income tax Department has released 21,740.77 crore on 15.02.2024. The Corporation is pursuing for the balance with the Income Tax Department," said LIC. The remaining amount of 3,700 crore in awaited as tax refund.

Also read: LIC receives 21,740 crore tax refund from Income Tax dept; remaining 3,700 crore awaited

According to a Mint study based on regulatory filings, the state-run insurer sold part of its investments in at least 100 top listed companies, which, based on volume-weighted average price for the October-December period, adds up to 39,163 crore—the highest ever in the third quarter of a financial year.

The LIC stock opened at 1,068 per share on Monday's trading session, up by 2.7 percent from previous close at 1,039 per share on Friday last week.

On February 17, the insurer unveiled a new product named Amritbaal, characterized as a non-linked, non-participating, individual, and savings life insurance plan.

During the December quarter, the state-run insurer demonstrated robust financial performance, primarily driven by a rise in net income from investments and an expansion in net premium income. 

LIC recorded a remarkable 49 percent year-on-year surge in net profit, amounting to 9,441 crore. Additionally, its net premium income for the quarter experienced a growth of 4.67 percent year-on-year, reaching 1.17 lakh crore.

Also read: Paytm share price hits 5% upper circuit as it moves nodal account to Axis Bank

The company's board proposed an interim dividend of 4 per share for FY24, with the record date set for 21 February 2024. Additionally, LIC's net income from investments during the December quarter rose by 12 per cent year-on-year to 95,266.8 crore from 84,869 crore in Q3FY2023, while management expenses increased by 32 per cent year-on-year to 18,193.8 crore.

 

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Published: 19 Feb 2024, 03:51 PM IST
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