LIC Achieves Milestone with ₹35,000 Crore Gain as Share Crosses ₹1,000 Mark

Feb 5, 2024 - 14:29
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LIC Achieves Milestone with ₹35,000 Crore Gain as Share Crosses ₹1,000 Mark

India's largest life insurance company, LIC (Life Insurance Corporation), witnessed a historic moment on Monday as its shares crossed the ₹1,000 mark for the first time, resulting in a significant gain of ₹35,000 crore in the company's valuation. Following the close of the stock market, the company's shares experienced a rapid increase of approximately 6%. LIC had conducted its IPO on May 4, 2022, and the listing took place on May 17, 2022. Since then, the company's shares had not surpassed the ₹1,000 mark until now.

During the trading session, the company's shares reached a high of 9% over 52 weeks, reaching ₹1,027.95. Notably, over the past 10 months, LIC's shares have witnessed an impressive surge of nearly 94%. With this surge, LIC's market capitalization has now exceeded ₹6.32 lakh crore. The BSE (Bombay Stock Exchange) saw LIC's shares closing at ₹1,000.35, a gain of 5.90%, while on the NSE (National Stock Exchange), it closed at ₹998.85, marking a 5.64% increase.

At the record levels, LIC's market capitalization increased to ₹6,32,721.15 crore from ₹5,97,490.25 crore, representing a gain of ₹35,230.25 crore. This year alone, LIC's shares have seen an increase of up to 20%. Last month, LIC surpassed the State Bank of India (SBI) in terms of market valuation, becoming the most valuable public sector company in the country. However, in overall market capitalization, Reliance Industries continues to hold the top position with ₹19,46,521.81 crore.

This remarkable achievement comes after LIC's IPO, which saw the government divesting 3.5% of its stake, making LIC a listed entity. Despite the divestment, the government still holds a majority stake of 96.5% in the company. It's worth noting that LIC's IPO was the largest in the country at the time, making it a record-breaking event.

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