The biggest life insurer in India, Life Insurance Corporation (LIC), saw its shares rise 8.8% during today's intraday trading, breaking through the ₹1000 barrier and reaching a record high of ₹1,028 per share.
After a quiet post-listing performance, LIC shares saw a significant rally in November, ending the month with a gain of 12.83%. The following two months saw an amazing increase of 22.52% in December and 14% in January, indicating that the favorable trend persisted.
An important milestone following listing was reached on January 23 when the company's shares surpassed the IPO price of ₹949 per share. Ever since, the stock has continued to rise and set new records on a regular basis. Those early investors who have held onto their positions since the IPO have found that this steady rise has been profitable.
The company surged to a new all-time high, with a market value of ₹6.50 lakh crore, making it the largest government-listed PSU company and the sixth-largest listed corporation in India.
The government gave Life Insurance Corporation a one-time exemption in December so that it could reach the necessary minimum public shareholding (MPS) of 25% in ten years. the initial requirement to comply with the MPS regulation of 25% by 2027.
At the conclusion of Q3 FY24, the government owned 96.5% of the company, while domestic institutional investors and retail investors each held 2.4% and 1% of the company, respectively.
