BUSINESS

For the first time since launching in 2022, LIC’s stock price surpasses 1,000

MUMBAI: On Monday, the government-run life insurance company LIC’s stock price crossed the Rs 1,000 threshold for the first time since its May 2022 debut. With a market capitalization of Rs 6.3 lakh crore, the PSU major is now the sixth most valuable firm in India thanks to the recent phenomenal jump in LIC’s stock price. According to BSE statistics, it is also the most valuable PSU, valued at more over Rs 5.7 lakh crore, more than SBI.

Due to widespread selling in late trades, LIC’s shares on the BSE finished at Rs 1,000 on Monday after opening at Rs 954. The stock reached an all-time high of Rs 1,028 in intraday trading. The stock has increased by 64% over the last three and a half months. The shares ended at Rs 611 on November 21. As on January 17, LIC surpassed SBI to hold the title of most valuable government-run enterprise.

Up until recently, LIC’s stock price has been below its offer price of Rs 949 since coming public in early May 2022. It ultimately turned a profit on January 16 after crossing the Rs 900 threshold, which was reached by its retail investors and staff who had purchased shares at a reduced price during its first public offering (IPO). It exceeded the Rs 949 IPO price last week.
The largest life insurer in the nation, LIC, has been the subject of optimistic comments recently from some brokerages. According to a recent analysis by Emkay Global Financial Services, LIC’s stock price would be supported moving forward by a number of tailwinds. It is anticipated that private competitors would reclaim a portion of the market share that the life insurance giant lost. It is anticipated to control expenses as well.

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