LIC shares surge 9% as profit soars 11-fold in Q2 to Rs 15,952 crore

Shares of Life Insurance Corporation of India (LIC) surged 9 per cent to Rs 682.70 on the BSE in Monday's intra-day trade amid heavy volumes after the company reported 11-fold jump in its net profit at Rs 15,952 crore during July–September (Q2) quarter of FY23. The multifold increase in net profit was due to a change in its accounting policy, wherein it has transferred Rs 14,272 crore to the shareholders' account from the non-participatory account.

At 09:57 am, LIC was trading 6 per cent higher at Rs 663.95 on the BSE, as compared to 0.10 per cent decline in the S&P BSE Sensex. Trading volumes on the counter jumped over three-fold with a combined 4.8 million shares having changed