LIC gets 3 more years to pare government stake to 90%

The announcement boosted the LIC counter despite a volatile trade and the stock rallied to Rs 999.15 on the BSE intraday before closing with at Rs 989.80, up 6.3% over the previous close on the BSE against the Sensex losing 0.16%. Life Insurance Corporation of India market capitalisation increased to Rs 6.26 lakh crore on Wednesday. The company’s stock has rallied over 75% in the past one year.

After the IPO, the company had a forgettable start with the listing coming in at Rs 867, down 9% from the upper price band of Rs 949, on May 17, 2022. LIC shares remained in a downward trend for the next one year, declining 26% from the listing price until November 2023 when the stock began to pick up.

The share crossed its issue price for the first time on January 30 after the Reserve Bank allowed it to increase its stake in HDFC Bank.

For the December 2023 quarter LIC has reported a 49% year-on-year rise in net at Rs 9,441 crore. March quarter earnings are yet to be announced.

Stocks trade higher

The announcement boosted the LIC counter despite a volatile trade and the stock rallied to Rs 999.15 on the BSE intraday before closing with at Rs 989.80, up 6.3% over the previous close on the BSE