Monday, March 4, 2024
Monday, March 4, 2024
HomeBusinessLIC becomes fifth most valuable company as shares soar

LIC becomes fifth most valuable company as shares soar

New Delhi: Shares of Life Insurance Corporation of India (LIC) rose over 6 per cent on Thursday, with its market valuation rising to Rs 6.99 lakh crore, making the company the fifth most valued company. The stock rose 5.86 per cent to settle at Rs 1,106.25 apiece on the BSE. During the day, it rose 9.51 per cent to hit its all-time high of Rs 1,144.45.

On the NSE, it jumped 6.46 per cent to Rs 1,112 per share. The market valuation of the company increased from Rs 38,740.62 crore to Rs 6,99,702.87 crore. With this, the company became the fifth most valued firm by market capitalization (mcap), surpassing ICICI Bank. (Also Read: RBI’s Big Announcement on Loan Processing Fees and Documentation Charges for MSMEs – See Here)

Taking into account the record of Rs 1,144.45 per share, the market valuation of the company reached Rs 7.23 lakh crore. Prime Minister Narendra Modi told Rajya Sabha on Wednesday that the opposition spread rumors about LIC, but today its shares are trading at record prices. (Also Read: Did you know India’s youngest billionaire is just 27 years old? Know everything about him)

Reliance Industries is the most valued company in the country 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 million Rs), 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 company by market valuation. The country’s largest insurer listed in May 2022.

The government had sold over 22.13 million shares, or a 3.5 per cent stake in LIC, through an Initial Public Offering (IPO). The government owns a 96.5 percent stake in the company.

LIC share price on Monday rose nearly 6 per cent to touch the Rs 1,000 mark for the first time. So far this year, shares are up nearly 33 percent.

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