LIC Housing shares close 8 pc higher after Q1 results

In volume terms, 21.07 lakh shares were traded on the BSE and over 4 crore shares on the NSE during the day. 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.

Shares of LIC Housing Finance Ltd (LICHFL) on Tuesday closed with 8 per cent gains after the company reported a 34 per cent jump in its net profit for the quarter ending June. The stock rose by 8.06 per cent to close at Rs 299 on the BSE. During the day, it zoomed 11.45 per cent to Rs 308.40.

On the NSE, it jumped 8 per cent to close at Rs 298.95. In volume terms, 21.07 lakh shares were traded on the BSE and over 4 crore shares on the NSE during the day.

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. The company's profit after tax stood at Rs 610.68 crore in the April-June quarter of the previous fiscal.

"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," the company's managing director and CEO Siddhartha Mohanty said. Total income of the company rose to Rs 4,977.49 crore in April-June 2020 from Rs 4,807.21 crore in the year-ago quarter, according to regulatory filing..