LIC Shares Surge 10%, Market Cap Jumps Rs 37,855 Cr

New Delhi, Nov 24 (PTI) Shares of Life Insurance Corporation (LIC) on Friday rallied nearly 10 per cent, defying a muted trend in the broader market.

The stock jumped 9.69 per cent to settle at Rs 677.65 on the BSE. During the day, it zoomed 10.35 per cent to Rs 681.80.

At the NSE, it climbed 9.71 per cent to settle at Rs 677.70.

The company's market valuation jumped Rs 37,855.12 crore to reach Rs 4,28,613.47 crore.

In traded volume terms, 16.53 lakh shares of the company were traded at the BSE, and over 1.89 crore shares changed hands on NSE during the day.

In a highly volatile trade, the 30-share BSE Sensex declined 47.77 points or 0.07 per cent to settle at 65,970.04. The Nifty slipped 7.30 points or 0.04 per cent to 19,794.70.

Insurance behemoth Life Insurance Corporation has lined up 3-4 product launches in the coming months with a view to achieve double-digit growth in new business premium in the current financial year.

"We are projecting double-digit growth over the last year. We are going to achieve that because a recent trend is showing an uptick in individual retail business. In order to further reinforce our commitment, we are going to launch some new attractive products," LIC Chairman Siddhartha Mohanty told PTI in an interview.

In terms of market share measured by first year premium income as per IRDAI, LIC continues to be the market leader by market share in the life insurance business with an overall share of 58.50 per cent.