State-run Life Insurance Corporation has surpassed market value of Rs 7 lakh crore, making it the fifth most-valued company in the country.
Shares of India's largest life insurer surged by as much as 6% on Friday. An exchange filing Thursday showed LIC reported a 49% year-on-year surge in standalone profit after tax, reaching Rs 9,444 crore, while net premiums rose by 5% to Rs 1,17,017 crore.
According to the company's Q3 results, the value of new businesses, on a net basis, rose 46% to Rs 2,634 crore vs Rs 1,801 crore. The revenue rose 8% to Rs 2.1 lakh crore. LIC stock has risen 86.26% in the past 12 months.
The top spot on the market cap chart is occupied by Reliance Industries Ltd followed by Tata Consultancy Service, HDFC Bank and Infosys. LIC has overtaken ICICI Bank to secure the fifth position as the most-valued company.
The market capitalisation of Reliance Industries Ltd is estimated to be Rs 19.62 lakh crore.
RIL's huge market valuation can be linked to its diverse operations and presence across market sectors. Some of the sectors that Reliance Industries has on stronghold non include energy, petrochemicals, retail, telecommunications and natural resources.
During the third quarter of 2023-2024, Reliance Industries Ltd met its expectations, with EBITDA increasing by 15% year-on-year to Rs 407 billion. This growth was primarily driven by strong performances in the retail and digital sectors.
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