Shares of Life Insurance Corporation of India (LIC) gained as much as 2.3 per cent in Friday’s trade to hit a day’s high of Rs 916.40 on the BSE, compared with the previous close of Rs 895.45.

The uptick came after the state-run insurer reported its September-quarter (Q2) results. Brokerage JM Financial reiterated its ‘Buy’ call on LIC, citing strong first-half margins and expectations of a robust second half. The brokerage maintained its target price at Rs 1,111, implying a 21 per cent upside from today’s high. Advertisement

LIC’s Value of New Business (VNB) margin stood at 19.3 per cent in Q2, up 150 basis points year-on-year (YoY), despite absorbing the full impact of the loss of Input Tax Credit (ITC). VNB for the quarter rose 8 per cent YoY to Rs 3,200 crore, taking first-half (H1)

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