The shares of New India Assurance(NIA) also rose almost 10 per cent and closed at Rs 265.10 in BSE
New Delhi:
The upward share prices of Life Insurance Corporation of India (LIC) and GIC Re, state-owned multinational reinsurer, on Monday brought cheers to the retail investors though the Sensex fell 354 points to close at 71.731.42.
For the first time LIC shares jumped nearly 6 per cent to hit the Rs 1,000 mark. Similarly, for the first time ever in five years, GIC Re scrip surged around 15 per cent and touched Rs 438, higher than the issue price of Rs 433 at which it was sold to retail investors.
The shares of New India Assurance(NIA) also rose almost 10 per cent and closed at Rs 265.10 in BSE.
During the day, LIC shares jumped 8.73 per cent to Rs 1,028 — its 52-week high.
At the NSE, it surged 5.64 per cent to Rs 998.85.
The stock climbed 5.90 per cent to settle at Rs 1,000.35 on the BSE. During the day, it zoomed 8.81 per cent to hit a 52-week high of Rs 1,027.95.
So far this year, the company’s stock has jumped 20 per cent.
The corporation’s market capitalisation (mcap) increased by Rs 35,230.25 crore to Rs 6,32,721.15 crore.
GIC Re ended the trading session at Rs 409.15 in BSE and Rs 408.40 in NSE. At Monday’s price, its market capitalisation has gone up to almost Rs 71,800 crore.
It has almost taken more than five years for the stock to hit the issue price.
Though the original retail price of GIC Re was Rs 867, the government had immediately gone for 1:1 bonus to compensate the investors for the losses on account of stock getting listed at a much lower price over the issue price.
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 per cent stake in LIC, through an Initial Public Offering (IPO).
The government holds a 96.5 per cent stake in the company.