01-01-1970 12:00 AM | Source: Reuters
India's LIC jumps 9% after surge in quarterly profit
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Shares of Life Insurance Corporation of India rose as much as 9.1% on Monday, their best intra-day percentage gain since listing in May, after the country's largest insurer reported a surge in quarterly profit on Friday.
LIC's profit after tax surged to 159.52 billion Indian rupees ($1.98 billion) in the July-September quarter, from 14.34 billion rupees a year earlier, boosted mainly by the transfer of nearly $1.8 billion from policy holders' fund to shareholders' fund. ($1 = 80.8000 Indian rupees)
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