LIC surpasses Rs 5 lakh crore m-cap; dethrones SBI as India's most valued PSU
The LIC shares prices has surged unprecedently over 2% increase, reaching all time high of 52-week. This led to make the market capitalization exceeding Rs 5 lakh crore and ultimately surpassing the SBI's Market capitalization of Rs 5.8 lakh crore.
Life Insurance Corporation of India, a state-owned insurance giant, has once again reserved its status as the most valued public sector undertaking, surpassing the market capitalization of the State Bank of India. The share prices of LIC today touched the Rs 900 benchmark for the first time since the listing in May 2022. The spike in the company's shares has now surpassed the m-cap to Rs 5.64 lakh crore compared to the m-cap of SBI withstanding at Rs 5.63 lakh crore.
The shares of the LIC were listed on the stock market on May 17, 2022 at Rs 875.25 per share, while it recovered in November 2023 with a massive spike of over 12 percent. Meanwhile, over the last three months, Lic has seen a surge of Rs 1.83 lakh crore in its market cap.Read Also : BPCL Kochi Refinery emerge winners of NIPM Young Managers’ Contest 2024
Currently, the SBI shares price was down 1% on the BSE Sensex while its market capital stood at Rs 5.62 lakh crore. As far as the first half financial year is concerned LIC reported a net profit of Rs 17,469 crore in H1FY24 as compared to a net profit of Rs 16,635 crore in the same period of the previous year.
In FY23, LIC witnessed a significant gain of over 22% and in the current year, it has surged by an additional 7.5%. While, in contrast, SBI has made average progress with advancement of approximately 5% in the previous financial year but suffered a loss of over 1%.Read Also : NTPC Wins 23rd Inter CPSU Cricket Tournament
The LIC has consecutively maintained its pre-dominance over the financial market and has been expected to be contributed by the regulatory changes in the PAR and non-PAR business segments for long-term profitability.
The recent trade on the Stock market shows that SBI stock has witnessed a 1.5% decline to Rs 624, whereas LIC traded at Rs 896 on the BSE, showing a 0.2% increase.Read Also : 3 lakh CR annual defence production & Rs 50K crore exports expected by 2028-29: Rajnath Singh
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