LIC Becomes 5th Most-Valued Indian Company
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State-run Life Insurance Corporation (LIC) has surpassed ₹7 lakh crore market value, becoming India's fifth most-valued company
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LIC shares surged 6% after reporting a 49% year-on-year increase in standalone profit to ₹9,444 crore
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Net premiums have risen by 5% to ₹1,17,017 crore, according to Q3 results
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Value of new businesses has seen a net increase of 46% to ₹2,634 crore
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LIC's Q3 revenue has risen 8% to ₹2.1 lakh crore; stock has surged 86.26% in the past year
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LIC has overtaken ICICI Bank, securing the fifth position in market value
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PM Modi told Rajya Sabha that the opposition spread rumours about LIC, but today its shares are trading at record-high prices
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Last month, LIC surpassed State Bank of India (SBI) to become the country's most-valued PSU firm by market valuation
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The country's largest insurer was listed in May 2022. The government had sold over 22.13 crore shares, or a 3.5% stake in LIC, through an Initial Public Offering (IPO)
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The government holds a 96.5% stake in the company
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