LIC raises stake in IRCTC: The country’s largest life insurance company LIC has increased its stake in railway ticketing and catering platform Indian Railway Catering and Tourism Corporation (IRCTC). According to the information given by LIC in the exchange filing, its stake in IRCTC has increased to 9.3 percent. This had a positive effect on the shares of both today. Currently, IRCTC shares on BSE are at Rs 940.60 (IRCTC Share Price) with a jump of 0.99 percent and LIC shares are at Rs 1039.20 (LIC Share Price) with a jump of 0.75 percent. Intra-day, LIC shares reached Rs 1046.00 and IRCTC shares reached Rs 956.80.
What was LIC’s stake in IRCTC earlier?
According to the information given by LIC in the exchange filing, its stake in IRCTC has increased by 2.020 per cent from 16 December 2022 to 11 September 2024. LIC informed that the number of IRCTC shares in its portfolio increased from 5,82,22,948 to 7,43,79,924 i.e. the stake jumped from 7.278 per cent to 9.298 per cent.
LIC is distributing a strong dividend
Last month in August, LIC handed over a cheque of Rs 3,662.17 crore dividend to Finance Minister Nirmala Sitharaman. The company announced this dividend on 27 May. The company had announced an interim dividend of Rs 6 per share. The government is the largest shareholder in LIC. The President of the country holds 62.40 percent stake in it. According to the shareholding pattern of the June 2024 quarter, he has 49,91,72,170 shares. Talking about the last financial year 2023-24, LIC had given a dividend of Rs 6,103.62 crore to the government. Out of this, a dividend of Rs 2,441.45 crore was given on March 1, 2024.
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