On Thursday, the share price of the Life Insurance Corporation of India (LIC) increased by more than 6%. The company is currently valued at Rs 6.99 lakh crore, placing it sixth in the world.
The stock rose 5.86% to settle at Rs 1,106.25 per share on the BSE. Over the course of the day, the value rose by 9.51% to a record high of Rs 1,144.45.
On the NSE, it rose 6.46 percent to Rs 1,112 a share.
The company’s market worth climbed by Rs 38,740.62 crore to Rs 6,99,702.87 crore. When its market value (mcap) surpassed that of ICICI Bank, it consequently rose to the rank of the fifth most valuable company.
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The company’s market value of Rs 7.23 lakh crore explained its all-time high share price of Rs 1,144.45.
Prime Minister Narendra Modi told the Rajya Sabha on Wednesday that LIC’s shares are trading at all-time highs, despite the opposition spreading misleading information about the corporation.
Reliance Industries, valued at Rs 19,64,044.94 crore on the stock exchange, is the most valuable corporation in the country. The amounts put up by Tata Consultancy Services are Rs 15,13,218.99 crore, LIC is Rs 6,99,702.87 crore, Infosys is Rs 7,02,754.66 crore, and HDFC Bank is Rs 10,66,150.51 crore.
Based on market valuation, LIC surpassed the State Bank of India (SBI) to become the most valuable public sector corporation in the country last month.
The largest insurance company in the country went public in May 2022. The government sold about 22.13 crore shares, or 3.5 percent of LIC, in an initial public offering (IPO).
The government owns 96.5 percent of the company.
The price of LIC’s shares rose by about 6% on Monday, marking the first time it has crossed the Rs 1,000 mark.
The stock has gained about 33 percent this year.
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