Monday, March 4, 2024
Monday, March 4, 2024
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LIC stock is on the rise, will the stock continue to rise today?

Shares of Life Insurance Corporation rose five percent in the open, days after hitting an all-time high on Thursday.

At the time of opening, LIC shares were trading at $1162.25 compared to the previous day’s close of $1106.

The rise in the insurer’s stock was reported days after Prime Minister Narendra Modi mentioned its performance during his speech to the Rajya Sabha.

“The opposition spread rumors about LIC, but today its shares are trading at a record price,” the Prime Minister had said in Rajya Sabha during the ongoing budget session.

On Thursday, LIC shares surged 9.51 per cent to hit record high $1,144.45 before closing with a six percent gain in $1,106.25 at market close. The company’s market valuation increased by $38,740.62 million rupees to $6,99,702.87 crores. As a result, the company overtook ICICI Bank to become the fifth most valued company by market capitalization.

Last month, the insurer overtook State Bank of India (SBI) to become the country’s most valued PSU company by market valuation.

Life Insurance Corporation of India.

LIC shares were 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).

LIC had reported a 49 per cent rise in net profit in $9,444 crore in the third quarter ended December. According to a PTI report, the company made a net profit of $6,334 crore in the year-ago period, the company said in a regulatory filing.

LIC’s net premium income decreased to $1,17,017 crore in the third quarter of the current fiscal year, from $1,11,788 crore in the same period a year ago. His total income decreased to $2,12,447 crore in the last December quarter, compared to $1,96,891 crore in the same period last year, he said.

The insurer’s assets under management (AUM) increased to $49.66 crores compared to $44.34 lakh crore by the end of December 2022, registering a growth of 12 per cent, the company added.

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