jp morgan double upgrades lic share price q2 earnings results
jp morgan double upgrades lic share price q2 earnings results
After the company's earnings last Friday, shares of the largest insurer Life Insurance Corporation of India (LIC) traded on a muted note in the previous session. Since the last one month the stock is trading a range of Rs 900-950 per share.
On Monday, the stock traded on a flat note wih a positive bias at Rs 918.55 apiece.
For the reported September quarter, the company's pofit declined despite strong premium growth as rising policy payouts led the decline. The profit for the period reduced 3.7 per cent on the back of 17 per cent increase in benefit payouts- amounting to Rs 97,562 crore.
Consideing growth to sustain, global brokerage JP Morgan has double upgraded the stock to 'overweight' from the earlier underweight call with the target raised to Rs 1,075 per share from Rs 790 apiece. This implies gains of over 17 per cent from the previous close.
The brokerage has revised VNB or value of new business forecasts for FY25/26 by 9 per cent/11 per cent, respectively, outweighing the negative impact from higher product benefits anf lower bond yields.
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