Stocks to Watch: LIC, RIL, Cipla, HCL Tech, Hero MotoCorp, Biocon
LIC: State-run Life Insurance Corp of India (LIC) recorded a 14-fold year-on-year jump in net profit at ₹9,543.7 crore for the first quarter of FY24, even though the country's largest insurer has been witnessing a shrink in its market share in terms of new business premium. The super-normal growth in net profit is primarily attributed to a base effect and a change in accounting entry, involving a transfer of funds from non-participating policies to shareholders'' account as a part of accretion on the available solvency margin, according to a regulatory filing. Reliance Industries: The shares of the demerged Jio Financial Services (JFSL) have been credited to the demat account of eligible shareholders of billionaire Mukesh Ambani-led Reliance Industries Limited (RIL), reported Economic Times on 10 August.
The following development took place days ahead of the listing of JFSL, added the report. It said that the shareholders of RIL have been rewarded with one share of the JFSL for every share of RIL they owned, as of the record date of 20 July. Hero MotoCorp: Hero Moto Corp reported a profit of 32% at ₹825 crore in Q1 of FY24.
In the corresponding period of the previous year, Hero Moto Corp had reported ₹624.5 crore in Q1FY23, it said in a stock regulatory filing. On a YoY basis, the company's revenue from operations for the quarter stood at ₹8,767 crore vs ₹8,393 crore reported in Q1FY23 and the total income reported a 6% rise at ₹8,989 crore in Q1 of FY24 against ₹8,446 crore reported in Q1FY23. The firm said it sold 13.53 lakh units of motorcycles and scooters in Q1FY24.
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