Shares of Life Insurance Corporation of India (LIC) surged 5% on 29 November after the company announced filing for an appeal with the Goods and Services Tax (GST) Appellate Authority, Jammu Kashmir, for the order demand of Rs 66 lakh for the fiscal year 2019-20.

In its regulatory filing, the company said, “In continuation of our earlier filing vide ref. no.: LIC/SE/2024-25/92 dated 02 September, 2024, this is to inform that Life Insurance Corporation of India (“the Corporation”) has filed an appeal with GST Appellate Authority, Jammu Kashmir against the order demanding GST of Rs 66,69,251/- for FY 2019-20 along with interest, as applicable and penalty of Rs 6,66,923/- issued by Assistant Commissioner, CGST-Division-Srinagar Commissionerate-Jammut.”

Moreover, the company has made its entry into the future and options segments, which is expected to attract higher trading activity. 

LIC was established in 1956 by the Government of India and is the country’s largest state-owned insurance provider and investment corporation. Its primary objective is to promote life insurance across the nation, ensuring accessibility for all segments of society. LIC is widely regarded as one of India’s most trusted and well-known financial institutions.

At 3:30 pm, the shares of LIC closed 4.3% higher at Rs 984.90 on NSE. 

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