LIC Housing Finance has launched Project RED - Reimagining Excellence through Digital transformation with an aim to improve efficiencies at everylevel of the organisation. To be implemented over the next 21 months the initiative is expected to bring transformational changes by organically linking LICHFL's work culture, strengthening processes across all verticals, deepen customer engagement and adopting the best-in-classtechnology to build capacity.

LICHFL has engaged Boston Consulting Group as its consultant for this project and will be setting up a high-level Project Implementation Group which will approve and monitor capacity building plans of every constituent in the Company. It also proposes to ensure a uniform approach to managing and regulating the entire gamut of operations of the Company through collaboration of all functional departments.

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LIC Housing Finance has appointed Akshay Rout as additional Non-Executive Non Independent Director on the board of LIC Housing Finance with effect from 28 September 2020.

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Shares of LIC Housing Finance lost 14.38% in seven trading days from its previous closing high of Rs 309.5 on 16 September 2020. The counter is down 45.52% from its 52-week high of Rs 486.40 hit on 21 January 2020. It has risen 42% from its 52-week low of Rs 186 hit on 25 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 33.119. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 281.08 and 272.48 respectively. These levels will act as crucial support zones in near term.

The housing finance company posted a 35% jump in consolidated net profit to Rs 824.08 crore in Q1 June 2020 from Rs 609 crore in Q1 June 2019.

LIC Housing Finance is one of the largest housing finance companies in India. As of 30 June 2020, Life Insurance Corporation of India held 40.31% stake in the housing financer.

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Consolidated total income for Q1 June 2020 stood at Rs 4,986 crore, 3.5% higher than Rs 4,816 crore in Q1 June 2019. Profit before tax came at Rs 1021.77 crore in Q1 June 2020, 21% higher than Rs 844.59 crore reported in Q1 June 2019. Total tax expenses declined 16% to Rs 197.6 crore in Q1 June 2020 over Q1 June 2019. The result was announced after market hours yesterday, 24 August 2020.

LIC Housing Finance is one of the largest housing finance companies in India. As of 30 June 2020, Life Insurance Corporation of India held 40.31% stake in the housing financer.

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