Life Insurance Corporation of India (LIC) has achieved a significant milestone by surpassing a market capitalization of Rs 7 lakh crore, securing its position as the fifth most valuable company in India. Following robust quarterly results, LIC’s shares experienced a notable surge, gaining over 6% on Friday.
Market Cap Milestone:
LIC’s market capitalization exceeded Rs 7 lakh crore, marking a historic achievement for the insurance giant. The company’s impressive performance in the stock market propelled it to the fifth position among India’s most valuable companies.
Top Companies in India:
LIC now stands among the top five valuable companies in the country, following Reliance Industries, Tata Consultancy Services, HDFC Bank, and ICICI Bank. This recognition underscores LIC’s prominence and financial strength in the market.
Stock Performance and 52-Week High:
LIC’s shares have demonstrated a consistent upward trajectory, experiencing an increase in value since the beginning of the week. The stock’s price surge propelled it to cross the Rs 6 lakh crore market cap earlier in the week. Notably, LIC’s share price surpassed the Rs 1,000 mark for the first time on Monday. The positive momentum continued, reaching a fresh 52-week high on Friday at Rs 1,175 on the BSE.
Reasons Behind the Surge:
The surge in LIC’s shares can be attributed to various factors. Prime Minister Narendra Modi’s positive remarks on the company’s performance contributed to investor confidence. Additionally, LIC’s robust third-quarter result