LIC stock touches ₹900 mark for first time since listing; mcap jumps ₹1.82 lakh crore in less than 3 months

Shares of Life Insurance Corporation (LIC), India's largest life insurer, soared 5.30% in today's intraday to touch 900 apiece, a level not seen since its listing in May 2022.

A Ksheerasagar
Published16 Jan 2024, 03:36 PM IST
The company reported a net profit of  <span class='webrupee'>₹</span>17,469 crore in H1FY24 as compared to a net profit of  <span class='webrupee'>₹</span>16,635 crore in the same period a year ago.
The company reported a net profit of ₹17,469 crore in H1FY24 as compared to a net profit of ₹16,635 crore in the same period a year ago.(Bloomberg)

Shares of Life Insurance Corporation (LIC), India's largest life insurer, soared 5.30% in today's intraday to touch 900 apiece, a level not seen since its listing in May 2022. This also represents the stock's new 52-week high. The insurance behemoth was listed on the Indian stock exchanges on May 17, 2022, at 875.25 apiece as compared to the issue price of 949. 

Post-listing, the shares experienced significant downward pressure until March 2023, reaching an all-time low of 530. However, a notable turnaround occurred in the subsequent months, with a particularly robust upward momentum observed in November, marking a gain of 12.83%. 

This positive trend continued into the following month, with an impressive rise of 22.52%. In the current month, the stock has shown a further increase of 7.51% so far. At current levels, the stock is just 6.21% away from its IPO price.

Also Read: NALCO, Hindustan Copper shares gain up to 7% on India's first lithium exploration deal

From November until now, the company's market capitalisation has surged by 1.84 lakh crore, reaching the current level of 5.64 lakh crore.

In December, the government granted a one-time exemption to LIC to achieve the required 25% minimum public shareholding (MPS) within 10 years. The originally required to meet the 25% MPS rule by 2027.

The government held a 96.5% stake in the company at the end of Q3 FY24, while retail investors and domestic institutional investors each held 2.4% and 1% stake, respectively.

Also Read: Medi Assist IPO: Here are key risks to know before subscribing to issue

In November, LIC introduced a new non-par product, LIC Jeevan Utsav, featuring a combination of limited pay (5–16 years) with lifelong income. Analysts suggest that the non-par segment is value-adding, and an increase in its share can enhance LIC’s overall margins.

Regarding financials, the company reported a net profit of 17,469 crore in H1FY24 as compared to a net profit of 16,635 crore in the same period a year ago.

Its new business premium (individual) for H1FY24 jumped 2.65% to 25,184 crore from 24,535 in H1FY23. New business premium is the premium due in the first policy year of a life insurance contract.

Also Read: IRFC, RVNL, and Mazagon Dock jump up to 13% to their respective new highs

The assets under management (AUM) increased to 47,43,389 crore in H1FY24 as compared to 42,93,778 crore in the same period last year, registering an increase of 10.47% year on year.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:16 Jan 2024, 03:36 PM IST
Business NewsMarketsStock MarketsLIC stock touches ₹900 mark for first time since listing; mcap jumps ₹1.82 lakh crore in less than 3 months

Most Active Stocks

Tata Steel share price

150.30
11:30 AM | 8 NOV 2024
-0.6 (-0.4%)

Indian Hotels Company share price

723.50
11:30 AM | 8 NOV 2024
39.9 (5.84%)

Tata Motors share price

808.40
11:30 AM | 8 NOV 2024
-11.4 (-1.39%)

Indian Oil Corporation share price

141.35
11:30 AM | 8 NOV 2024
-2.85 (-1.98%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Page Industries share price

47,672.35
11:23 AM | 8 NOV 2024
2566.85 (5.69%)

National Aluminium Company share price

240.45
11:25 AM | 8 NOV 2024
1.9 (0.8%)

Apollo Hospitals Enterprise share price

7,440.20
11:25 AM | 8 NOV 2024
15.6 (0.21%)

City Union Bank share price

180.20
11:24 AM | 8 NOV 2024
-0.65 (-0.36%)
More from 52 Week High

Great Eastern Shipping Company share price

1,210.15
11:25 AM | 8 NOV 2024
-80.8 (-6.26%)

GMM Pfaudler share price

1,289.05
11:25 AM | 8 NOV 2024
-85.85 (-6.24%)

Cochin Shipyard share price

1,450.00
11:25 AM | 8 NOV 2024
-75.65 (-4.96%)

Petronet LNG share price

329.35
11:23 AM | 8 NOV 2024
-17.15 (-4.95%)
More from Top Losers

ITI share price

289.05
11:25 AM | 8 NOV 2024
22.4 (8.4%)

Vijaya Diagnostic Centre share price

1,099.55
11:25 AM | 8 NOV 2024
72.1 (7.02%)

Motilal Oswal Financial Services share price

998.65
11:25 AM | 8 NOV 2024
64.45 (6.9%)

Indian Hotels Company share price

722.65
11:25 AM | 8 NOV 2024
39.05 (5.71%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    78,575.000.00
    Chennai
    78,581.000.00
    Delhi
    78,733.000.00
    Kolkata
    78,585.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.92/L0.00
    Chennai
    100.80/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.77/L0.00

    Popular in Markets

      HomeMarketsPremiumInstant LoanMint Shorts