IANS | 11 Aug, 2023
A day after Prime Minister Narendra Modi singled out Hindustan
Aeronautics Ltd (HAL) and Life Insurance Corporation of India (LIC) and
praised their performance in Parliament, their shares got mixed
reception from the investors.
While LIC’s shares went up, HAL's counter after initial boost came down.
Replying to the opposition-led no-confidence motion in the Lok Sabha on Thursday, Modi praised the two government companies.
He said HAL is touching new heights of success and has registered the highest-ever revenue.
Throwing light on the ills spoken by the opposition about the LIC, Modi said that it is growing stronger with each passing day.
On
Friday, the shares of LIC opened at Rs 676.95 (previous day closing
price Rs 642.10) and later changed hands at around Rs 660.
The
Asian life insurance giant on Thursday said it closed the first quarter
of FY24 with a higher net profit of Rs 9,543.71 crore.
On the
other hand, HAL’s scrip opened at Rs 3,824.94 (previous closing Rs
3,791.25) and touched a high of Rs 3,869.30 and later was changing hands
for Rs 3,769.40.
This despite HAL logging impressive first quarter results.
According
to HAL, it closed the first quarter of FY24 with an operational revenue
of Rs 3,915.34 crore (Q1FY 23 Rs 3,622.52 crore) and a net profit of Rs
814.19 crore (Rs 606.66 crore).
The after tax profit got a boost
with HAL’s other income during the period under review going up to Rs
410.79 crore from Rs 192.09 crore earned during previous year
corresponding period.
