LIC: India's Largest PSU Stock Hits All-Time High For 4th Session, M-Cap Surpasses Rs 6.6 Lakh Crore

Life Insurance Corporation (LIC) witnessed a historic surge in its shares, reaching an all-time high of Rs 1,048 per share in today's trade. This achievement marks the fourth consecutive trading session of remarkable gains, solidifying LIC's standing as a force to be reckoned with in the Indian stock market.

The journey to this peak was not without its challenges. The stock faced a rocky start in the first ten months of CY23, but it rebounded with remarkable vigour in November. Surpassing the IPO price of Rs 949 per share on January 23, LIC's shares have since maintained an impressive upward trajectory, consistently setting new record highs.

Monday's trading session saw LIC shares breaking the psychological barrier of Rs 1,000 per share, and the stock has maintained its position above this level, underscoring the sustained strength of its performance. In just 27 trading sessions of CY24, the stock has not only recovered the 23% dip experienced in CY23 but has also delivered a staggering rally of 23.4%.

Today's surge propelled LIC's market capitalization to Rs 6.61 lakh crore, securing its status as the sixth-largest listed company in India and the leading entity among government-listed PSU companies. Trading at Rs 1,028 apiece, the stock is currently 8.32% higher than its IPO price, affirming its attractiveness to investors.

LIC unveiled a new product on Tuesday - the unit-linked, regular premium, individual life insurance plan named Index Plus. This innovative plan combines life insurance coverage with savings throughout the policy term, showcasing LIC's commitment to evolving its offerings. The plan incorporates guaranteed additions as a percentage of the annualized premium, contributing to the unit fund and enhancing the overall policyholder experience.

Commenting on the new product, LIC stated, "Guaranteed additions as a percentage of annualized premium shall be added to the unit fund on completion of a specific duration of policy years under an in-force policy and shall be utilized to purchase units."

Investors and industry experts are eagerly awaiting LIC's financial performance update, as the company is scheduled to announce its Q3 FY24 earnings on Friday, February 09, 2024. The anticipation is high, given the recent stellar performance of LIC in the stock market and the unveiling of its new insurance product.

The shares of LIC witnessed gains of more than 1%, trading at Rs 1,040 per share as of 2:50 pm on the National Stock Exchange (NSE). The insurance giant has been on a remarkable trajectory, delivering returns of over 70% in the last one year.