LIC shares breach Rs 1,000 mark for first time, surge about 6%

New Delhi, Feb 5 (PTI) The share price of Life Insurance Corporation of India (LIC) on Monday jumped nearly 6 per cent 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 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.

At the NSE, it surged 5.64 per cent to Rs 998.85. During the day, it jumped 8.73 per cent 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 per cent.

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. PTI