Mumbai: The market capitalization (m-cap) of Life Insurance Corporation of India (LIC) crossed Rs 6.99 lakh crore. As of now, LIC’s market capitalization has surpassed the Rs 7-lakh-crore mark for the first time. The company’s market valuation surged by Rs 38.740.62 crore to Rs 6,99,702.87 crore. This valuation overtakes that of ICICI Bank, standing at Rs 6.94 lakh crore. Thus, now LIC has become fifth most valued company in India. The top five valued companies in India are Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys, and now LIC.
Today, the shares of LIC are trading at Rs 1162.25. On Thursday, the LIC stock surged 9.51 per cent to hit the record high of Rs 1,144.45 before settling at a 6 per cent gain at Rs 1,106.25
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Last month, LIC had surpassed State Bank of India (SBI) to become the country’s most-valued PSU firm by market valuation. The LIC stock was listed in May 2022. The government had sold over 22.13 crore shares, or a 3.5 per cent stake in LIC, through an Initial Public Offering (IPO).
LIC had reported a 49 per cent jump in net profit at Rs 9,444 crore in the third quarter that ended in December. The company had a net profit of Rs 6,334 crore in the year-ago period.
The asset under management (AUM) of LIC increased to Rs 49.66 lakh crore as compared to Rs 44.34 lakh crore at the end of December 2022, registering a growth of 12 per cent.
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