LIC Shares Rise As Market Return Of Portfolio Companies Increase In FY23

Life Insurance Corporation of India shares rose in trade for the third straight day since March 31 as it recorded an expansion in the market value of its portfolio companies in FY23.

Shares rose 1.06% to Rs 550.3 apiece as compared to the NSE Nifty 50, which advanced 0.78% in trade. The relative strength index was at 36.6.

Also, the Managing Director BC Patnaik's tenure ended on March 31, 2023, following his superannuation, according to a company filing.

Out of the 16 analysts tracking the company, 13 maintain a 'buy' rating and three recommend a 'hold' on the stock, as per Bloomberg data. The return potential, as calculated by the consensus of analyst estimates, stands at an upside of 45.5% over the next 12 months.