Cumulative traded volume on BSE and NSE has increased from 7,62,275 to 8,50,732 over the past 3 days
FinTech BizNews Service
Mumbai, November 24, 2023: Shares of Life Insurance Corp of India (LIC), the nation's biggest insurer gained around 10% and closed at a monthly high of Rs678 today. Cumulative traded volume on BSE and NSE has increased from 7,62,275 to 8,50,732 over the past 3 days. Cumulative turnover during the same period increased from Rs 46.68 crores to Rs52.23 crores.
Brokerage firms such as Motilal Oswal, and BOB Capital in their report released in November feel that LIC is currently selling at a significant discount to its issue price. The brokerages are of the view that the company is making the right efforts towards increasing VNB by pushing its product mix towards non-participating and expansion in non-agency distribution channels. While BOB Cap has given a target price of Rs767, Motilal Oswal target price is Rs850.
Brokerage firms believe, given LIC’s entrenched brand equity, clear market leadership and superior agency force, the company has levers in place to maintain its industry-leading position and ramp up growth in the highly profitable product segments.
