LIC shares hit an intra-day high of Rs 800 before settling at Rs 785, the highest since June 3, 2022. At the last close, the insurer was valued at Rs 4.97 trillion, making it the country’s 10th most valued firm.
LIC has posted a 24.20 per cent year-on-year (Y-o-Y) decline in premium to Rs 1,24,424.31 crore from Rs 1,64,143.27 crore. On the other hand, the private sector reported an 11.58 per cent rise in the same period to Rs 87,266.33 crore.
The market share of private life insurers currently stands at 41.22 per cent.Market players say the sharp increase in shares of Adani has also been a sentiment booster for LIC. The insurer holds between 1.37 per cent and 9.1 per cent stake in seven Adani group stocks, which have been on a tear over the past week.
However, its shares tanked as much as 44 per cent following its listing. It has recouped most of the losses and is currently down about 17 per cent over its issue price. The latest gains will be a big boost for the government as it holds a 96.5 per cent stake in the insurer.
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