After the rise in shares on January 17, 2024, LIC has become the most valuable company among the public sector undertakings (PSUs). Due to this, the market capitalization of the Life Insurance Corporation of India (LIC) became more than that of the State Bank of India (SBI).
LIC's market cap crosses Rs 5.8 lakh crore:
- Shares of Life Insurance Corporation of India have been trading rapidly since the morning of 17 January. After the rise in LIC's stock, its market cap has crossed Rs 5.8 lakh crore.
- Whereas the market cap of SBI stood at Rs 5.62 lakh crore. SBI shares are trading with a decline.
- LIC shares are trading with a rise of more than 2 percent. On January 17, 2024, its shares reached a 52-week high of Rs 919.45 per share.
Reasons for LIC to overtake SBI:
- Shares of LIC are trading at Rs 902.35 per share with a rise of 9.80 points or 1.10 percent. At the same time, SBI shares are trading at Rs 624.40 per share, down 12.50 points or 1.96 percent.
Performance of LIC shares:
- Last year in November 2023, the share price of LIC had increased by more than 50 percent. However, after the listing in March 2023, LIC shares were under pressure.
- In March 2023, the company's shares had reached its lowest level of Rs 530 per share. However, till November the company's shares made a profit of 12.83 percent.
Financial Performance of LIC:
- The financial performance of the company has been good in the first half of the financial year 2023-24. The company recorded a total profit of Rs 17,469 crore, which was Rs 16,635 crore last year.
- Similarly, the business premium of the company increased by 2.65 percent from Rs 24,535 crore to Rs 25,184 crore.
About Life Insurance Corporation of India (LIC):
- LIC was established in 1956 by passing the Life Insurance of India Act in the Indian Parliament.
- LIC is headquartered in Mumbai.
- Apart from being India's largest life insurance company, LIC is also the country's largest investor company.
- LIC is known for consistently bringing innovative and profitable policies to the market.
- In general, LIC policies are considered a benchmark in the insurance market.
- Chairman of LIC: D.K. Mehrotra.