Through the sale of shares, LIC raised Rs. Made a record profit of Rs 25000 crore

The strong balance sheet of the insurance company is conducive to the success of the IPO

In the first eight months of the current financial year, Life Insurance Corporation (LIC) of India has made the biggest profit ever through the sale of shares. In the eight months ended November 30, LIC sold shares to make a profit of Rs 25,908 crore, the highest ever, according to the data.

The insurer had made a profit of Rs 15,578 crore during the same period last year. For the current year, LIC has set a profit target of Rs 32,000 crore through the sale of stocks. Thus the profit for the first 8 months is 80% of the target.

Achieving the Rs 32,000 crore target would be the highest profit in LIC's 64-year history. In the last financial year, LIC had made a profit of Rs 25,625 crore through the sale of shares.

The BSE Sensex has gained more than 56% in the first eight months of the current financial year. LIC usually buys in bearish markets and the bullish strategy is to book profits, LIC sources said.

While the government intends to raise a significant amount by selling LIC's equities, the government expects LIC's IPO to be a huge success. LIC's IPO is now expected to come in the next financial year as processes have been delayed due to Corona.