- March 2, 2024
Government Receives Rs 2,400 Crore Dividend Payout From LIC – News18
FM Nirmala Sitharaman recently inaugurated LIC’s new international business centre at GIFT City, Gujarat.
Over the past three months, LIC has delivered a total return of 54 per cent to investors, with a yearly return of the same percentage to its shareholders.
Life Insurance Corporation of India (LIC) handed a dividend cheque of Rs 2,441.44 crore to the Finance Minister of India, Nirmala Sitharaman on Friday. The cheque was presented by the Chairperson of LIC, Siddharth Mohanty. LIC announced this transaction through their official Twitter handle, informing investors and users about the dividend payout. The Finance Minister received the dividend cheque in the presence of Financial Services Secretary, Vivek Joshi. As an investor in LIC, the government also received a dividend cheque of Rs 1831 crore last year. Dividends represent a portion of a company’s profits distributed to its shareholders. For example, if a company announces a dividend of Rs 5 per share and an individual holds 1000 shares, they would receive Rs 5000 as dividend income.
The Interim Dividend Cheque amounting to ₹.2,441.44 Crores has been handed over to the Hon’ble Finance Minister by our Chairperson Shri Siddharth Mohanty ji.@nsitharaman @DFS_India #LIC— LIC India Forever (@LICIndiaForever) March 1, 2024
According to a report from CNBC TV 18, the government’s stake in LIC, the nation’s largest insurance company, amounts to Rs 1.2 lakh crore. LIC shares have witnessed a 9 per cent increase in the last month, providing over 70 per cent returns to investors within a year. Market experts attribute LIC’s strong performance to its December quarter results for the fiscal year 2023-24, which have been positively received in the market. Omkar Kamtekar, Research Analyst at Bonanza Portfolio, noted, “LIC’s net profit saw an increase of 49 per cent in the third quarter results presented in February, leading to a positive market reaction.” On Friday, March 1, LIC’s share price closed at Rs 1,034. Over the past three months, LIC has delivered a total return of 54 per cent to investors, with a yearly return of the same percentage to its shareholders.
Coinciding with the dividend presentation, Finance and Corporate Affairs Minister, Nirmala Sitharaman inaugurated LIC’s new international business centre at GIFT City, Gujarat, via virtual mode. This strategic move shows LIC’s commitment to offering world-class insurance and financial services at the Gujarat International Finance Tec-City (GIFT City).
