LIC, the Life Insurance Corporation of India, has emerged as the country’s fifth most valued company after its market capitalization crossed Rs 7 lakh crore. This milestone was achieved as the company’s shares surged over 6 percent on Thursday, settling at Rs 1,106.25 apiece on the BSE. The stock even reached a record high of Rs 1,144.45 during intraday trading. As a result, LIC’s market valuation increased by Rs 38,740.62 crore, bringing it to Rs 6,99,702.87 crore.
The remarkable performance of LIC’s shares comes on the back of its strong quarterly results, which propelled the stock to an all-time high. The following day, the share price continued to rise and reached Rs 1,175 apiece, surpassing the previous day’s record. This surge pushed the company’s market valuation to an impressive Rs 7.23 lakh crore.
Prime Minister Narendra Modi acknowledged the skeptics who spread rumors about LIC, highlighting the fact that the company’s shares are now trading at record-high prices. This achievement reinforces LIC’s position as a leading insurance provider in India and demonstrates the market’s confidence in its growth potential.
Although LIC has now become the fifth most valued firm in the country, it falls behind Reliance Industries, Tata Consultancy Services, HDFC Bank, and Infosys in terms of market valuation. Reliance Industries currently holds the top spot with a market valuation of Rs 19,64,044.94 crore.
Notably, LIC recently outperformed State Bank of India (SBI) to become India’s most valued public sector unit (PSU) company by market valuation. This significant milestone was achieved after LIC’s listing in May 2022 when the government sold a 3.5% stake in the company through an Initial Public Offering (IPO). The government still holds a majority stake of 96.5% in LIC.
Investors have shown great enthusiasm for LIC, evident from the fact that the stock surpassed the Rs 1,000 mark for the first time and has experienced an impressive increase of nearly 33 percent this year. This upward trajectory reflects the market’s confidence in LIC’s performance and its potential for sustained growth.
Overall, LIC’s achievement of becoming the fifth most valued firm in India underscores its significance in the market and cements its position as a formidable player in the insurance sector.
About LIC (Life Insurance Corporation)
- Established in 1956, LIC is the largest life insurance company in India with over 29 crore policyholders.
- LIC offers a wide range of insurance plans such as term insurance, endowment policies, health insurance, pension plans, and unit-linked insurance plans (ULIPs).
- LIC’s policies provide financial protection against uncertainties such as death, disability, and critical illnesses, along with options for savings and wealth creation.
- LIC has a network of over 3,000 branches and 1.2 lakh agents across the country, ensuring easy access and personalized service for customers.
- LIC has a high claim settlement ratio, indicating its commitment to settling claims promptly and efficiently, providing peace of mind to policyholders.
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