LIC Stock Soars, Becomes 5th Most Valuable Firm in India
By Rediff Money Desk, NEWDELHI Feb 08, 2024 18:28
Shares of Life Insurance Corporation of India (LIC) surged over 6% on Thursday, boosting its market valuation to Rs 6.99 lakh crore, making it the fifth most valued company in India.
New Delhi, Feb 8 (PTI) Shares of Life Insurance Corporation of India (LIC) jumped more than 6 per cent on Thursday, with its market valuation climbing to Rs 6.99 lakh crore, making the firm the fifth most valued company.
The stock climbed 5.86 per cent to settle at Rs 1,106.25 apiece on the BSE. During the day, it zoomed 9.51 per cent to hit its record high of Rs 1,144.45.
On the NSE, it jumped 6.46 per cent to Rs 1,112 a share.
The company's market valuation went up by Rs 38,740.62 crore to Rs 6,99,702.87 crore. With this, the company became the fifth most valued firm by market capitalisation (mcap), beating ICICI Bank.
Taking into account the record high of Rs 1,144.45 per share, the company's market valuation reached Rs 7.23 lakh crore.
Prime Minister Narendra Modi told Rajya Sabha on Wednesday that the opposition spread rumours about LIC, but today its shares are trading at record-high prices.
Reliance Industries is the country's most valued firm with a market valuation of Rs 19,64,044.94 crore, followed by Tata Consultancy Services (Rs 15,13,218.99 crore), HDFC Bank (Rs 10,66,150.51 crore), Infosys (Rs 7,02,754.66 crore) and LIC (Rs 6,99,702.87 crore).
Last month, LIC surpassed State Bank of India (SBI) to become the country's most-valued PSU firm by market valuation.
The country's largest insurer was listed in May 2022. The government had sold over 22.13 crore shares, or a 3.5 per cent stake in LIC, through an Initial Public Offering (IPO).
The government holds a 96.5 per cent stake in the company.
The share price of LIC on Monday jumped nearly 6 per cent to hit the Rs 1,000 mark for the first time.
So far this year, the stock has jumped nearly 33 per cent.
The stock climbed 5.86 per cent to settle at Rs 1,106.25 apiece on the BSE. During the day, it zoomed 9.51 per cent to hit its record high of Rs 1,144.45.
On the NSE, it jumped 6.46 per cent to Rs 1,112 a share.
The company's market valuation went up by Rs 38,740.62 crore to Rs 6,99,702.87 crore. With this, the company became the fifth most valued firm by market capitalisation (mcap), beating ICICI Bank.
Taking into account the record high of Rs 1,144.45 per share, the company's market valuation reached Rs 7.23 lakh crore.
Prime Minister Narendra Modi told Rajya Sabha on Wednesday that the opposition spread rumours about LIC, but today its shares are trading at record-high prices.
Reliance Industries is the country's most valued firm with a market valuation of Rs 19,64,044.94 crore, followed by Tata Consultancy Services (Rs 15,13,218.99 crore), HDFC Bank (Rs 10,66,150.51 crore), Infosys (Rs 7,02,754.66 crore) and LIC (Rs 6,99,702.87 crore).
Last month, LIC surpassed State Bank of India (SBI) to become the country's most-valued PSU firm by market valuation.
The country's largest insurer was listed in May 2022. The government had sold over 22.13 crore shares, or a 3.5 per cent stake in LIC, through an Initial Public Offering (IPO).
The government holds a 96.5 per cent stake in the company.
The share price of LIC on Monday jumped nearly 6 per cent to hit the Rs 1,000 mark for the first time.
So far this year, the stock has jumped nearly 33 per cent.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 9.80 ( -0.71)
- 44492337
- G V Films
- 0.94 (+ 9.30)
- 37404318
- Jaiprakash Power Ven
- 19.44 ( -3.38)
- 30530141
- Spicejet Ltd.
- 62.79 ( -4.25)
- 22824171
- Srestha Finvest
- 0.89 (+ 4.71)
- 21696619
MORE NEWS
Truth Social Parent Company COO Resigns, Faces...
Truth Social's parent company, Trump Media & Technology Group, has seen its COO resign...
Spoofed Calls Blocked: DoT & Telcos Deploy System
India's DoT is implementing a phased system to block international spoofed calls,...
Swiggy Launches 10-Minute Delivery Service 'Bolt'
Swiggy announces the launch of 'Bolt', a 10-minute food delivery service, initially...