LIC stock hits new life-time high, outshines CY23 performance in just 27 sessions

In a remarkable rally, shares of Life Insurance Corporation (LIC) registered a new lifetime high of ₹1,048 apiece in today's trade, maintaining their strong upward momentum for the fourth consecutive trading session.

After facing challenges in the first ten months of CY23, the stock swiftly rebounded in November, concluding the subsequent two months with remarkable gains. Notably, on January 23, the company's shares exceeded the IPO price of ₹949 per share for the first time post listing. Subsequently, the stock has consistently maintained its upward trajectory, setting new record highs with each passing day. 

Also Read: LIC shares surge to new heights, breach ₹1000 mark with a 8.8% jump

During Monday's trading session, the shares surpassed the ₹1,000 mark and have since remained above this level, emphasising the sustained strength of their performance.

Adding to the remarkable performance, the stock has not only surpassed the 23% return achieved in CY23 but has done so within just 27 trading sessions of CY24, delivering a fabulous rally of 23.4% thus far.

Surging to a new all-time high in today's trade, the company's market capitalisation reached ₹6.61 lakh crore, securing its position as the sixth-largest listed company in India and the foremost among government-listed PSU companies.

Taking the stock's current market price of ₹1,028 apiece, the stock is trading 8.32% higher than its IPO price.

On Tuesday, the company announced the launch of the unit-linked, regular premium, individual life insurance plan Index Plus. The plan offers life insurance cover-cum-savings throughout the term of the policy, as per the company's exchange filing.

Also Read LIC Index Plus policy: Life Insurance Corporation introduces a new insurance-cum-savings plan. Ten key things to know

"Guaranteed additions as a percentage of annualised premium shall be added to the unit fund on completion of a specific duration of policy years under an in-force policy and shall be utilised to purchase units," said LIC.

Meanwhile, the company is set to announce its Q3 FY24 earnings on Friday, February 09, 2024.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.