Share Market Live

NSE

Life Insurance Corporation (LIC) shares rose on Thursday as the state-run insurer's stock traded ex-dividend — which means a stock purchased now will not be eligible for the next dividend payout. The ex-dividend date is usually one business day before the record date.

The stock of LIC — India's largest life insurer — rose by as much as Rs 6.6 or one percent to Rs 683 apiece on BSE.

Last month, LIC's board had declared a final dividend of Rs 1.5 per share for the financial year ended March 2022 and set August 26 as the record date for finalising eligible shareholders for the payout.

Life Insurance Corporation will conduct its first annual general meeting (AGM) on September 27, 2022.

The life insurance behemoth's stock made its debut on Dalal Street in May 2022. LIC shares have since failed to cross their IPO issue price — or command a premium to the issue price.

In other words, those who got the allotment of LIC shares in the insurer's initial share sale have continue to be in a loss.

LIC's initial public offering worth Rs 21,000 crore — which saw an overall subscription of three times the shares on offer — was the largest of all time in India.

LIC shares have declined half a percent in the past one month, a period in which the Nifty50 benchmark has risen more than six percent.

Indian equity benchmarks held on to opening gains on Thursday, led by financial, IT and oil & gas shares.

Catch latest market updates with CNBCTV18.com's blog