Govt Receives ₹8,753 Crore in Dividends from IOCL and LIC

30 Aug 2024 , 03:29 PM

The central government received around ₹5,091 crore from Indian Oil Corporation Ltd (IOCL) as a dividend tranche.

The Department of Investment and Public Asset Management shared this update on X on Thursday, August 29. Additionally, the central government received ₹3,662.17 crore as a dividend from Life Insurance Corporation (LIC).

This amount from LIC is in addition to the interim dividend of ₹2,441.45 crore paid earlier in March 2024. Dividends represent a portion of a company’s profits distributed to its shareholders as a reward for their investment.

These payments are usually made from the company’s earnings or accumulated profits and can be issued as cash, additional shares, or other assets.

At the time of writing on August 30, 2024 at 03:25 pm, Indian Oil Corporation Ltd (IOCL) stock was trading at ₹176.89, marking a 0.028% gain on the NSE. Indian Oil Corporation Ltd (IOCL) has witnessed a 94% gain since the beginning of the year, and 35% gain since the beginning of the year.