LIC, IRCTC and Sun Pharma: Stocks drop up to 4% post q4 earnings; LIC shares correct 17% on IPO price

Shares of Life Insurance Corporation of India (LIC), Indian Railway Catering and Tourism Corporation (IRCTC) and Sun Pharmaceutical declined up to four per cent on Tuesday, a day after these companies came up with their results on Monday.  

LIC Shares declined two and half per cent to Rs 810 per share in Tuesday's intraday trade on the BSE after it reported a decline in consolidated net profit in the fourth quarter ending March 31, 2022. On Tuesday's low, the shares of insurance behemoth have corrected 17% on the IPO price of Rs 949 per equity share.  

Insurance behemoth on Monday posted a 17 per cent decline in consolidated net profit to Rs 2,409 crore for the fourth quarter ended March 2022 against Rs 2,917 crore in the same quarter a year ago. This is the first-ever quarterly result of LIC after being listed on bourses earlier this month. 

Meanwhile, amid profit booking, shares of national carrier IRCTC too dropped two per cent to Rs 677.55 per share despite it clocking more than double net profit in the quarter ended March. 

IRCTC reported more than doubling of net profit for the quarter ended March 31, 2022 at Rs 213.78 crore compared to net profit of Rs 103.78 crore in the same quarter previous fiscal. The jump in profit comes amid a sharp increase in ticket and catering revenues. The board of directors of the company also declared a final dividend of Rs 1.5 per share. 

Shares of Sun Pharm, which registered a consolidated net loss of Rs 2,277 crore for the fourth quarter ended March 2022, tanked nearly four per cent to Rs 852.25 per share on the BSE. The loss was mainly on account of a one-time exceptional loss, said the pharmaceutical company in a regulatory filing on Tuesday. The Mumbai-based drug major had reported a net profit of Rs 894 crore in the January-March period of 2020-21.