29, February, 2024
HomeBusinessLIC's Historic Surge: Share Price Hits ₹900, Surpassing SBI's Market Cap Milestone

LIC’s Historic Surge: Share Price Hits ₹900, Surpassing SBI’s Market Cap Milestone

Published on

Life Insurance Corporation of India (LIC) has set a remarkable milestone in the stock market, with its share price reaching ₹900 for the first time since its listing in May 2022. This achievement has propelled LIC’s market capitalization beyond that of the State Bank of India (SBI), establishing the insurance giant as the most valued state-run company in India.

Read Also | LIC Shares Soar to New Heights, Surpass Retail IPO Price for the First Time

Upon its stock market debut on May 17, 2022, LIC shares were listed at ₹875.25, slightly below the issue price of ₹949. However, the journey has been dynamic, witnessing fluctuations from an all-time low of ₹530 to the recent high of ₹900. This surge in share prices marks a significant turnaround for LIC, trading at a level comparable to its issue price after nearly two years of trading below it.

In a notable recovery, LIC experienced a substantial spike of over 12 percent in November 2023, followed by a robust 22.52 percent increase in December and a further 7.51 percent rise in the first two weeks of January 2024. The market capitalization of LIC soared to ₹5.66 lakh crore, reflecting an impressive uptick of ₹1.83 lakh crore in the last three months.

Currently, LIC’s stock is only 6.21% away from its IPO price of ₹949. Despite surpassing SBI’s market cap, there are indications in early market trends that SBI may reclaim the top spot in the coming hours.

LIC’s ascent to the pinnacle of India’s state-run companies is accompanied by a significant loss of investor wealth. While it marks a historic moment for LIC, trading above the listing price, the shares are still below the IPO price, underscoring the challenges faced by the company in recent years.

Notably, LIC’s initial public offering (IPO) remains the largest in India, with the government having sold shares worth ₹21,000 crore to mobilize funds. Despite this achievement, the government continues to hold a substantial 96.5 percent stake in the company.

Read Also | LIC Receives Significant Income Tax Refund of Rs 25,464 Crore: Boosting Profits and Market Dominance

LIC’s remarkable surge in share prices not only positions it as India’s most valued state-run company but also signifies a noteworthy recovery from previous market challenges, setting the stage for further developments in the dynamic landscape of India’s financial markets.

Latest articles

WhatsApp Unveils Handy Pop-Out Chat Feature for Windows Beta

WhatsApp is set to revolutionize user experience with the introduction of a new pop-out...

Not-So-Neighborly Hollywood Stars: Tales of Trespassing and Turmoil

Living next to a Hollywood celebrity might sound like a dream, but for some...

Global Recognition: ‘Drishyam’ Franchise Set for Hollywood Remake After Korean Success

The Drishyam franchise, celebrated for its triumph in India and China, is poised for...

More like this

Bumble Initiates Restructuring, Announces Workforce Reduction

Bumble, the popular dating app, has disclosed plans to terminate approximately 30% of its...

Dailyhunt Nearing Acquisition of Indian Social Network Koo

Dailyhunt is reportedly in the final stages of discussions to acquire Koo, a Bengaluru-based...

Expedia Announces 1,500 Jobs Layout Amid Shifting Travel Landscape

Expedia Group is set to trim its global workforce by 9%, amounting to approximately...
Enable Notifications OK