Chennai: 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.
(Venkatachari Jagannathan can be reached at v.jagannathan@ians.in)
–IANS
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