LIC shares crosses Rs 1000 benchmark for first time, surging over 9% growth

Insurance PSU giant LIC conclusively after quarterly results has shown upliftment in the stock price ratio in terms of numerical figures which significantly rose to above 9 percent marking a historic achievement for the company to cross the Rs 1000 benchmark.

For the first ever time since 2022, the stock price of the PSU sector firm has rallied over 8.8 percent to hit a fresh all-time high of Rs 1,027.95 on BSE. The shares of the insurance giant have jumped over 10 percent in the last week and 66 percent in the last three months. The market capitalization has crossed the Rs 6 lakh crore mark, tagging itself as India’s most valued PSU surpassing SBI.

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The shares of the company are listed in May 2022 at Rs 867.20 per share which was 9 percent down from the upper price band of Rs 949 per share. Whereas, retail investors and employees were given the stock at a discounted price of Rs 904 in the IPO.  Consecutively, the government had also sold a 3.5 percent stake in LIC IPO worth around Rs 21,000 crore.

 

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The finance ministry had granted the PSU insurer from complying with 25 percent minimum public shareholding [MPS] norms till 2023 as per specified by SEBI rulings. In the case of companies with a post-issue market capital of over Rs 1 lakh crore, the timeline to meet a 25 percent MPS rule is five years.

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