Shares of India’s largest insurance company, LIC, are on an upward trajectory. Today, on February 8th, the company’s shares surged by over 9% in anticipation of the quarterly results. Closing at Rs 1,106.25, the stock gained 5.86%.
This remarkable growth propelled the company’s market capitalization beyond the Rs 7 lakh crore milestone. Notably, the stock reached an all-time high of Rs 1144.45 intraday.
LIC can declare a dividend
LIC’s board meeting is going to be held this evening, in which a decision on quarterly results as well as interim dividends will be taken. LIC is the government company with the highest market cap in India. In second place is the State Bank of India (SBI), whose market cap is Rs 6.33 lakh crore.
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Prime Minister mentioned LIC in the Rajya Sabha
LIC also found mention in Prime Minister Narendra Modi’s speech in the Rajya Sabha on Wednesday, where he said that many rumors were spread about India’s largest insurance company, and yet the stock is trading at record high levels.
20% rally in 5 days
On February 2nd, LIC shares surpassed their IPO price of ₹949. The company’s shares have been trading positively for five consecutive sessions, marking a significant increase of approximately 20% within this period.
Notably, the stock has risen by 17% in February following a 14% surge in January. Moreover, in December of the previous year, the stock gained 23%, and in November, it recorded a 13% increase.
About LIC
The Life Insurance Corporation of India (LIC) is a major Indian multinational public sector life insurance company headquartered in Mumbai. Established on September 1, 1956, by the Government of India, LIC stands as the largest insurance company in India.
It also holds the distinction of being the largest institutional investor, managing total assets valued at ₹49.24 trillion as of March 2023. The company boasts a workforce of 98,463 employees as of 2023 and generates substantial revenue, amounting to 7.85 lakh crores INR (equivalent to US$98 billion) in 2023. Among its notable subsidiaries are LIC Nepal, LIC Singapore, and LIC Lanka.
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