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Shares of Life Insurance Corp. of India jumped over 11% on Friday; it projected double-digit growth for new business premiums.
“We are projecting double-digit growth over the last year. We are going to achieve that because a recent trend is showing an uptick in individual retail business. In order to further reinforce our commitment, we are going to launch some new attractive products,” LIC Chairman Siddhartha Mohanty told PTI in an interview.
One of the new products will be launched in the first week of December, and it will provide assured returns, and after maturity, the policyholder will get 10% of the sum assured lifelong, he said.
Shares of the insurer rose as much as 10.4%, the highest since Sept. 11, before paring gains to trade 9.9% higher at 3:17 p.m. This compares to a 0.01% decline in the NSE Nifty 50.
The stock has fallen 1.15% on a year-to-date basis. Total traded volume so far in the day stood at 27 times its 30-day average. The relative strength index was at 78.9, indicating that the stock may be overbought.
Of the 19 analysts tracking the company, 15 maintain a ‘buy’ rating, three recommend a ‘hold,’ and one suggests a ‘sell,’ according to Bloomberg data. The average 12-month consensus price target implies an upside of 17.6%.
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