HomeCURRENT AFFAIRSStock Market Update: LIC Q1FY23 Results

Stock Market Update: LIC Q1FY23 Results

Markets around the world have seen many changes in the last one year. There were many such incidents domestically and globally which affected the market. Due to these events, the markets faced many challenges and also saw ups and downs.

The market in India hit its record high in October 2021 in a year between the Independence Days of 2021 and 2022. Since then, the market has not been able to achieve that level again.

But despite all this, there have been 13 stocks and 1 index in this period which have given multibagger returns in 1 year.

In the last one year period, the market saw a huge change of more than 18 percent and June 2022 became the new 52 week low. This was a big correction after the healthy return received after Covid-19. Meanwhile, the benchmark indices also tried again to hit record highs but they did not succeed. The third wave of Covid-19 and the ongoing tussle between Russia-Ukraine were the reasons for their failure.

LIC Q1FY23 Results

There is a rise in LIC’s shares today. Today the stock gained more than 3 percent to reach Rs 704. Whereas on Friday it closed at Rs 682. The company’s quarterly results have been excellent. The company’s profit in the June quarter has increased more than 250 times on a year-on-year basis to Rs 682.9 crore, as against the company’s net profit of just Rs 2.6 crore during the same period last year.

LIC’s market share in individual first year premium income stood at 43.86 per cent for the June FY23 quarter. While the market share in group first year premium income stood at 76.43 per cent.

While ONGC’s profit grew 251 per cent year-on-year to Rs 15,206 crore in the June quarter. Profits were strong on the back of strong operating performance and topline growth. Standalone revenue for the June quarter grew 84 per cent to Rs 42,321 crore. There was a growth of 125 percent in EBITDA and it came to Rs 24,731 crore. Margins rose 10065 bps to 58.43 per cent.

Hero MotoCorp’s profit grew 71 percent year-on-year in the June quarter to Rs 625 crore. While revenue grew 53 per cent year-on-year to Rs 8,393 crore and EBITDA grew 83 per cent to Rs 941 crore. The company sold 13.90 lakh motorcycles and scooters in the first quarter of FY 2023, which is 36 per cent higher than the corresponding quarter of the previous financial year.

The last session in the US market was very spectacular due to the rise in the shares of giant companies like Apple, Microsoft and Tesla. Dow Jones gained 151.39 points, or 0.45%, while the S&P 500 gained 16.99 points, or 0.40%. Similarly, Nasdaq Composite also managed to gain 80.87 points.

Disclaimer: (This information is provided solely for informational purposes. It is important to note that investing in the market or a business idea involves market risks. Before investing money as an investor/ owner/ partner, always consult an expert. DNP News Network Private Limited never advises to invest money on stocks or any specific business idea. We will not be liable for any financial losses.)

Also Read – Stock Market Update Today: Today’s Top Gainers

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