LIC shares jump nearly 6% to cross Rs 1,000 mark for first time

New Delhi: The share price of Life Insurance Corporation of India (LIC) on Monday jumped nearly 6 percent to hit the Rs 1,000 mark for the first time ever, taking its market valuation to above Rs 6 lakh crore.

The stock climbed 5.90 percent to settle at Rs 1,000.35 on the BSE. During the day, it zoomed 8.81 percent to hit a 52-week high of Rs 1,027.95.

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At the NSE, it surged 5.64 percent to Rs 998.85. During the day, it jumped 8.73 percent to Rs 1,028 -- its 52-week high.

The company's market capitalisation (mcap) increased by Rs 35,230.25 crore to Rs 6,32,721.15 crore.

So far this year, the company's stock has jumped 20 percent.

Last month, LIC surpassed the State Bank of India (SBI) to become the country's most-valued PSU firm by market valuation.

Reliance Industries is the country's most valued firm with a mcap of Rs 19,46,521.81 crore, followed by Tata Consultancy Services (Rs 14,53,649.63 crore), HDFC Bank (Rs 10,97,634.10 crore), ICICI Bank (Rs 7,18,367.25 crore), Infosys (Rs 7,00,077.62 crore) and LIC (Rs 6,32,721.15 crore).

The country's largest insurer was listed in May 2022. The government had sold over 22.13 crore shares, or a 3.5 percent stake in LIC, through an Initial Public Offering (IPO).

The government holds a 96.5 percent stake in the company.

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