LIC rises for 6th day, clarifies on ManipalCigna stake buzz

Life Insurance Corporation of India jumped 5.17% to Rs 988.10, rising for the sixth trading session.

Shares of Life Insurance Corporation of India have risen 12% in six session from its close of Rs 882.25 on 21 November 2024. The stock is up 47% in one year.

Meanwhile the insurer clarified on the media reports suggesting that it is in talks with ManipalCigna Health Insurance for a potential 50% stake acquisition. In a regulatory filing, LIC clarified that while it continuously evaluates and explores strategic opportunities across various sectors, including health insurance, there is no material information to disclose at this time.

In a separate development, LIC has challenged a GST demand of Rs 66.69 lakh for FY 2019-20, along with interest and a penalty of Rs 6.67 lakh, imposed by the tax authorities in Jammu and Kashmir. The company has assured that the financial impact of this demand is limited and will not significantly affect its overall operations.

LIC is the largest life insurer in the country. On a consolidated basis, its net profit declined 3.8% to Rs 7728.68 crore while total income rose 14.1% to Rs 231926.41 crore in Q2 September 2024 over Q2 September 2023.

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