Stock in focus: Today’s attention will be on the Life Insurance Corporation (LIC) of India, often known as LIC stock, whose shares will trade ex-Dividend on Thursday. The insurance company’s board of directors recommended a dividend payment to shareholders for the fiscal year 2021–2022 of ₹1.50 per equity share, according to LIC of India’s most recent exchange report. The business board has established August 26, 2022, as the record date for determining the stockholders who will receive dividend payments.

The Board of Directors of the Corporation has recommended a dividend of ₹1.50 per equity share with a face value of Rs. IO each for the year ended March 31, 2022, subject to approval by Shareholders at the Annual General Meeting, according to a filing made by LIC on May 30, 2022, following the board meeting.

The record date was later disclosed by LIC of India, which stated, “With regard to the foregoing, we thus advise that the Board of Directors of the Corporation in its meeting held today, among other things, has, discussed and approved record date for dividend payment would be 26th August 2022.”

LIC Dividend Yield

On the NSE, Lic Shares ended the day on Wednesday at a price of ₹675.90 a share. Given that the firm declared a dividend of ₹1.50 rupees per equity share, LIC’s current dividend yield is around 0.22 percent.

LIC Share Price History

The LIC IPO went public in May 2022 with an equity share price range of ₹902 to ₹949. The insurance titan’s shares were launched at a reduced price; they were listed on the BSE at ₹867.20 and the NSE at ₹872, which was almost 8% less than their upper price band of ₹949 per equity share.

Following its IPO, the NSE share price of LIC reached a lifetime high of ₹918.95 per share and a lifetime low of 650 per share. As LIC shares have not yet risen above their upper price range of ₹949, this indicates that holders of LIC shares have continued to lose money since the company’s debut.

In comparison to a profit of ₹2.94 crore in the same quarter previous year, LIC of India’s standalone net profit increased by an astounding 23,127.21 percent to ₹682.89 crore in Q1FY23. The entire business of LIC had great momentum YoY (year over year), with marketing efforts gaining up speed. Total premium revenue for the insurance giant increased 20.35 percent to ₹98,351.76 crore in Q1FY23 from ₹81,721.41 crore in Q1FY22.