Key Points
Life Insurance Corporation of India (LIC), which is said to be known as most prominent Insurance and investment corporation, recently witnessed a 10% upstick in its share price..
The dramatic increase in the share price of LIC was seen after a long time,experiencing a robust intraday surge of 9.7% on November 24, hitting a 10-week high of 677.65 apiece and also marking the largest intraday gain since listing in May 2022..
Brokerage firm Emkay increased its target price to Rs. 760 earlier, Nov 12, 2023), noting that the business is in a comfortable position to considerably enhance its dividend distribution due to its strong solvency ratio of 190% and solid surplus creation amid relatively slower growth..
While maintaining Buy tag to the LIC stock, the brokerage firm said, Even after the recent upmove in LIC shares, we maintain our stance that valuation remains attractive and prices-in the aforementioned structural challenges as well as any technical overhangs around a likely stake-sale by the promoter..
"The challenges of the slower growth-led market-share loss to private players and the higher commission-/employee expenses-driven bloated cost structure are here to stay, but their impact is likely to be less pronounced than thats seen in recent years," Avinash Singh of Emkay said..
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