Shares of Life Insurance Corporation (LIC) of India experienced a decline on Friday, January 12, 2023, as the insurance giant revealed the reception of two demand notices from tax officials, amounting to approximately Rs 3,529 crore.
In a filing with the exchange on Thursday, January 11, LIC stated, “The Corporation has received orders from Income Tax authorities regarding Income Tax demand issued by Assistant Commissioner of Income Tax, Mumbai.” LIC affirmed its intention to file an appeal before Commissioner (Appeals), Mumbai, adhering to the prescribed timelines.
The state-owned insurance company emphasized that these orders have no material impact on its financials, operations, or other activities. At 9:32 am IST, LIC shares were trading 0.52% lower at Rs 829.65 per share.
LIC recently augmented its shareholding in “Navin Fluorine International Limited” from 23,75,398 to 24,97,139 Equity Shares, thereby increasing its shareholding from 4.792% to 5.037% of the paid-up capital of the company. Navin Fluorine specializes in the production of refrigeration gases, inorganic fluorides, and provides contract research and manufacturing services.
On January 8, the Board of Directors of LIC approved an investment in a new company promoted by the National Housing Bank. The investment, comprising up to 10% of the share capital through equity contribution, is directed towards residential mortgage-backed securities, to be made in one or more tranches.
LIC Share Price Performance:
- In the last three months, LIC shares have witnessed a gain of 30.79%.
- Over the past six months, the stock has surged by 34.34%.
- Returns from LIC shares have experienced an 18% increase in the last one year.
- In the last one month, the stock has gained approximately 5.27%.
