Life Insurance Corporation (LIC) surged five per cent
in open trade, continuing its stellar performance from Thursday when it hit an
all-time high.
At opening, the shares of LIC were trading at ₹1162.25 against the previous day's close of ₹1106.
The surge in the insurer's stock came days after
Prime Minister Narendra Modi mentioned its performance during his address to
the Rajya Sabha.
“Opposition spread rumours about LIC, but today
its shares are trading at record high price,” the prime minister had said in the Rajya Sabha during
the ongoing budget session.
On Thursday, the LIC stock zoomed 9.51 per cent to
hit the record high of ₹1,144.45 before settling at a six per cent gain at ₹1,106.25 when the market closed. The company's
market valuation surged by ₹38.740.62 crore to ₹6,99,702.87 crore. As a result, the company edged
past ICICI Bank to become the fifth most valued firm by market capitalisation.
Last month, the insurer had surpassed State Bank
of India (SBI) to become the country's most-valued PSU firm by market valuation.
The LIC stock was listed in May 2022. The government had sold over 22.13 crore shares, or a 3.5 per cent stake in LIC, through an Initial Public Offering (IPO).
LIC Q3 net profit jumps by 49 per cent
LIC had reported a 49 per cent jump in net profit at ₹9,444 crore in the third quarter that ended in December. According to a PTI report, the company had a net profit of ₹6,334 crore in the year-ago period, the company said in a regulatory filing.
LIC's net premium income eased to ₹1,17,017 crore in the third quarter of the current
fiscal, from ₹1,11,788 crore in the same period a year ago. Its total
income declined to ₹2,12,447 crore in the latest December quarter, compared
to ₹1,96,891 crore in the year-ago period, it said.
The asset under management (AUM) of the insurer increased to ₹49.66 lakh crore as compared to ₹44.34 lakh crore at the end of
December 2022, registering a growth of 12 per cent, the company added.
