Sunday, March 03, 2024

News Destination For The Global Indian Community

News Destination For The Global Indian Community

TRADE & COMMERCE
LifeMag
LIC becomes fifth most valuable firm in India

LIC becomes fifth most valuable firm in India

Shares of Life Insurance Corporation of India (LIC) surged over 6% on Thursday, propelling its market valuation to Rs 6.99 lakh crore, positioning it as the fifth most valued company. The stock soared 5.86% to close at Rs 1,106.25 on the BSE, reaching a record high of Rs 1,144.45 during the day. On the NSE, it rose by 6.46% to Rs 1,112 per share. LIC's market capitalization surged by Rs 38,740.62 crore to Rs 6,99,702.87 crore, surpassing ICICI Bank's valuation.

Prime Minister Narendra Modi highlighted in the Rajya Sabha that despite opposition rumors, LIC's shares are now trading at record levels. Reliance Industries leads as India's most valued firm with a market cap of Rs 19,64,044.94 crore, followed by Tata Consultancy Services, HDFC Bank, Infosys, and LIC.

Last month, LIC overtook State Bank of India to become the country's top-valued PSU by market capitalization. Listed in May 2022, the government divested a 3.5% stake in LIC through an Initial Public Offering (IPO), maintaining a 96.5% stake. LIC's share price surpassed Rs 1,000 for the first time on Monday and has surged nearly 33% year-to-date.

<button class="flex items-center gap-1.5 rounded-md p-1 text-xs text-token-text-tertiary hover:text-token-text-primary md:invisible md:group-hover:visible md:group-[.final-completion]:visible"></button>
 
 
<form class="stretch mx-2 flex flex-row gap-3 last:mb-2 md:mx-4 md:last:mb-6 lg:mx-auto lg:max-w-2xl xl:max-w-3xl">
 
</form>

LIC becomes fifth most valuable firm in India

LIC becomes fifth most valuable firm in India

Shares of Life Insurance Corporation of India (LIC) surged over 6% on Thursday, propelling its market valuation to Rs 6.99 lakh crore, positioning it as the fifth most valued company. The stock soared 5.86% to close at Rs 1,106.25 on the BSE, reaching a record high of Rs 1,144.45 during the day. On the NSE, it rose by 6.46% to Rs 1,112 per share. LIC's market capitalization surged by Rs 38,740.62 crore to Rs 6,99,702.87 crore, surpassing ICICI Bank's valuation.

Prime Minister Narendra Modi highlighted in the Rajya Sabha that despite opposition rumors, LIC's shares are now trading at record levels. Reliance Industries leads as India's most valued firm with a market cap of Rs 19,64,044.94 crore, followed by Tata Consultancy Services, HDFC Bank, Infosys, and LIC.

Last month, LIC overtook State Bank of India to become the country's top-valued PSU by market capitalization. Listed in May 2022, the government divested a 3.5% stake in LIC through an Initial Public Offering (IPO), maintaining a 96.5% stake. LIC's share price surpassed Rs 1,000 for the first time on Monday and has surged nearly 33% year-to-date.

 
 
 

Leave a comment

Comments (0)

Related Articles

Opinion Express TV

Shapoorji Pallonji

SUNGROW

GOVNEXT INDIA FOUNDATION

CAMBIUM NETWORKS TECHNOLOGY

Opinion Express Magazine