Share price of LIC Housing Finance Ltd (LICHFL) rallied on Tuesday to trade over 8 per cent on the benchmarks after the company posted a 34 per cent jump in its net profit for the quarter ending June.

After rallying 11.45 per cent (Rs 308.40) higher during the early hours of the trading, the company’s scrip was trading at Rs 299.40, up by 8.20 per cent at 2.41 p.m. on the BSE.

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Similarly, on the NSE, it jumped 22.80 per cent to Rs 299.40. The shares had earlier rose 11.71 per cent to Rs 309.

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.