Latest News | LIC Reclaims Rs 5 Lakh Cr Market Cap; Stock Hits 52-week High

New Delhi, Dec 7 (PTI) The Life Insurance Corporation of India on Thursday reclaimed market capitalisation of Rs 5 lakh crore-mark after the shares of the company hit a 52-week high on the bourses.

The stock jumped 5.34 per cent to close at Rs 785.50 apiece on the BSE. On the NSE, LIC shares climbed 5.25 per cent to settle at Rs 785.15 per piece.

Also Read | Armed Forces Flag Day 2023 Date, History and Significance: Know All About Flag Day of India That Honours the Martyrs of India’s Armed Forces.

With Thursday's jump in LIC shares, the second-largest PSU by market cap, surged another 19 per cent this week.

During the day, LIC shares hit a 52-week high of Rs 800 on the NSE and Rs 799.90 BSE, breaching the Rs 5 lakh crore market cap of the state-owned insurer.

Also Read | ESIC Admit Card: Entry Card for Paramedical Group C Recruitment Exam 2023 Released on esic.gov.in, Know How to Download.

On the volume front, 1.55 crore shares were traded on the NSE, while 5.66 lakh shares changed hands on the BSE, during the day.

Meanwhile, the 30-share BSE Sensex fell 132.04 or 0.19 per cent lower to settle at 69,521.69 points, while Nifty slipped 36.55 points to 20,901.15.

However, at close, the company's market cap was just short of Rs 5 lakh crore mark at Rs 4.96 lakh crore on the BSE.

According to an analyst, LIC reclaimed its Rs 5 lakh crore market capitalisation on the back of hype around its non-par product Jeevan Utsav.

"We believe that LIC has a strong marketing agency force, while most focus has been on par policies, the agency team is capable of selling non-par policies as well," the analyst said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)