LIC rises 5% on filing appeal against GST demand order of Rs 66 lakh

Life Insurance Corporation of India (LIC) shares jumped 5.1 per cent on BSE in Friday's trade and logged an intraday high of Rs 987.5 per share. The buying in the stock came after the insurance behemoth filed d an appeal with the Goods and Services Tax (GST) Appellate Authority, Jammu Kashmir against the order demanding GST of Rs 66,69,251/- for FY 2019-20. 

 

Around 12:47 PM, LIC share price was up 3.61 per cent at Rs 973.5 per share on BSE. In comparison, the BSE Sensex was up 0.80 per cent at 79,675.90. The market capitalisation of the company stood at Rs 6,15,738.53 crore. The 52-week high of the stock stood at Rs 1,221.5 per share and the 52-week low was at Rs 666.25 per share. 

 

"In continuation of our earlier filing vide ref. no.: LIC/SE/2024-25/92 dated September 02, 2024, this is to inform that Life Insurance Corporation of India (“the Corporation”) has filed an appeal with GST Appellate Authority, Jammu Kashmir against the order demanding GST of Rs 66,69,251/- for FY 2019-20 along with interest, as applicable and penalty of Rs 6,66,923/- issued by Assistant Commissioner, CGST-Division-Srinagar Commissionerate-Jammut," the filing read.

 

Meanwhile, LIC was also a new entrant in the F&O segment. Stocks traded in the F&O segment tend to attract higher trading activity and are also considered as possible eligible candidates for index inclusions on the BSE (Bombay Stock Exchange) and the NSE (National Stock Exchange).  

 

That apart, stocks traded in F&O also provide hedging options for the investor.

 

The NSE had announced the list of the new inclusions on November 13, 2024. In the past two weeks, 37 out of these 45 stocks logged net gains as of Thursday (November 28, 2024) post the NSE list announcement.

 

LIC is the largest state-owned insurance company and investment corporation in India. It was established in 1956 by the Government of India with the aim of spreading life insurance across the nation and making it accessible to all sections of society. LIC is one of the most recognized and trusted financial institutions in India.

 

In the past one year, LIC shares have gained 38.3 per cent against Sensex's rise of 18 per cent.