LIC becomes fifth most valuable company due to rise in shares
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New Delhi. Life Insurance Corporation of India (LIC) shares jumped more than six per cent on Thursday, taking its market valuation to Rs 6.99 lakh crore and becoming the fifth most valuable company in the country. Shares of the country’s largest insurance company closed 5.86 percent higher at Rs 1,106.25 on BSE. At one point during trading, it had increased by 9.51 percent to reach its record level of Rs 1,144.45.
The company’s shares closed at Rs 1,112 on NSE with a jump of 6.46 percent. With this rise in share prices, the market valuation of LIC increased by Rs 38,740.62 crore to Rs 6,99,702.87 crore. With this, LIC became the fifth most valuable company in the country in terms of market capitalization (MCAP), overtaking ICICI Bank. Referring to LIC in the Rajya Sabha on Wednesday, Prime Minister Narendra Modi had said, “The opposition had spread rumors about LIC, but today its shares are trading at record highs.”
Reliance Industries is the country’s most valuable company with a market valuation of Rs 19,64,044.94 crore. It is followed by Tata Consultancy Services (Rs 15,13,218.99 crore), HDFC Bank (Rs 10,66,150.51 crore), Infosys (Rs 7,02,754.66 crore) and then LIC (Rs 6,99,702.87 crore). Last month, LIC became the country’s most valuable PSU company, leaving behind State Bank of India (SBI).
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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