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Smaller stocks outperformed Nifty by a wide margin as the index is up only about 8.5% since last Diwali while Nifty Smallcap50 is up 38%, Nifty Microcap 250 has advanced 51% and Nifty SME Emerge has zoomed 69%.
Data from ACE Equity shows that LIC owned at least 260 stocks at the end of the September quarter, out of which its stake declined in at least 84 stocks like Hindustan Copper, Dr. Reddy's Laboratories, HAL, Canara Bank, Tata Motors, NTPC, Pfizer, ICICI Bank and RIL.
The company on Friday reported a 98.1% jump in its consolidated net profit at ₹347 crore for Q2 FY24 compared to a net profit of ₹175.1 crore in the year-ago quarter.
Over the last six months, the stock has seen a significant increase in value, climbing from ₹438 apiece to ₹1,404, generating a return of 220%.
Following the stellar Q2FY24 performance, the stock opened the Friday session at ₹466 apiece, up from the previous closing price of ₹450, and surged further to reach an intraday high of ₹474, marking a 5.33% gain.