In Wednesday's trading, shares of Life Insurance Corporation of India (LIC) increased by 3% following Prime Minister Narendra Modi's statement that, despite the fact that there had previously been a lot of rumors about the largest life insurer, the stock was still trading at record highs.

With a gain of 2.52%, the stock reached a record high of Rs 1,050.50. After closing at Rs 1,045, it increased 1.98 percent. Recently, LIC exceeded the Rs 949 issue price for its 2022 IPO.

In his speech to the Rajya Sabha, Prime Minister Modi stated, "Adarniya sabhapati ji, mein sina taan ke kehna chahta hoon, aankhein uunchi karke sunana chahta hoon, aaj LIC shares record sthar par hain."

A day before LIC released its quarterly results, PM Modi made his remarks. The life insurance company had previously notified stock exchanges that a meeting of its board of directors was scheduled for February 8, with the purpose of discussing and endorsing the financial statements for the quarter and nine months that concluded on December 31, 2023. LIC stated in the BSE filing that a recommendation for an interim dividend declaration for the fiscal year 2023–2024 will also be taken into consideration by the board of directors.

According to PM Modi, there were 234 PSUs in 2014 under the UPA II administration, and there are now 254 under the NDA. He stated that the public's trust in PSU stock was growing. The Prime Minister discussed the achievements of his administration since 2014.

As per him, the net worth of PSU businesses has increased to almost Rs 17 lakh crore from Rs 9.5 lakh crore in 2014.