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