LIC shares surge to new heights, breach ₹1000 mark with a 8.8% jump
LIC's market capitalization reaches ₹6.50 lakh crore, making it the sixth-largest listed company in India and the foremost among government-listed PSU companies.
Share of Life Insurance Corporation (LIC), India's largest life insurer, achieved a significant milestone in today's trading session by surpassing the ₹1,000 mark for the first time and touching a new peak of ₹1,028 apiece by gaining 8.8%.
Following a subdued performance post-listing, LIC shares experienced a notable upswing in November, concluding with a substantial gain of 12.83%. This positive trend continued into the next two months, with an impressive rise of 22.52% in December and 14% in January.
On January 23, the company's shares exceeded the IPO price of ₹949 per share, marking a notable milestone post-listing. Since then, the stock has maintained its upward momentum, consistently achieving fresh record highs. This sustained surge has proven to be rewarding for early investors who have retained their positions since the listing.
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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.
Surging to a new all-time high, the company's market capitalization reached ₹6.50 lakh crore, securing its position as the sixth-largest listed company in India and the foremost among government-listed PSU companies.
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.
The company is set to announce its Q3 FY24 earnings on Friday, February 09, 2024. For H1FY24, the company reported a net profit of ₹17,469 crore 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.
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.
At noon, the stock was trading with a gain of 6.57% at ₹1,006.80 apiece.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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