LIC

LIC : Shares of LIC Housing Finance Ltd NSE 3.19 % on Tuesday zoomed nearly 12 per cent after the company reported a 34 per cent jump in its net profit for the quarter ending June. The stock zoomed 11.45 per cent to Rs 308.40 on the BSE. On the NSE, it jumped 11.71 per cent to Rs 309. The mortgage lender reported a 34 per cent jump in its net profit to Rs 817.48 crore for the quarter ending June helped by lower provisioning.

According to the company’s managing director and CEO Siddhartha Mohanty “The rise in profit is mainly attributed to provisioning which was lower in the quarter as compared to the last time (Q1 FY20). However, we have fully provided for whatever is required”

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