LIC Share Price ๐: Creating History with a New High!
๐ฐ LIC, the largest insurance company in India, has been a cause of concern for investors since its listing in the market two years ago. However, the company’s stock has recently been on a continuous rally, setting a new milestone with its latest surge.
๐ The share price of LIC witnessed a steady increase on Wednesday, amidst a bullish trend in the Indian stock market. It started the trading session with a gain of nearly 2%, reaching a new record high of โน919.45 per share. This level is the highest ever recorded for the company’s stock.
โฌ๏ธ On Thursday (January 18, 2024), the share price experienced a minor dip of 0.15% and was trading at โน886 per share. Despite the market downturn, LIC’s shares continued to trend in the green zone, showcasing the company’s remarkable success.
๐ข LIC has surpassed the State Bank of India to become the largest government-owned company in the share market. With its share price reaching new heights, LIC’s market value has now reached a staggering โน5.75 lakh crore, while SBI’s market cap remains around โน5.65 lakh crore.
๐ LIC’s share price has risen by over 50% in foreign markets since November. This growth further solidifies LIC’s position as the most valuable PSU (Public Sector Undertaking) in the country.
๐ Last month, the Ministry of Finance exempted PSU insurance companies from complying with the 25% minimum public shareholding norms until 2032. Since then, LIC’s stock has been consistently rising as it reduces the likelihood of a government offer for sale.
๐ The Securities and Exchange Board of India (SEBI) mandates all listed companies to maintain a minimum 25% public float. However, newly listed companies are given a three-year period to meet this requirement. In May 2022, the government sold a 3.5% stake in LIC through its IPO, raising approximately โน21,000 crore. This IPO marked the largest in India’s history.
๐ฅ LIC’s share price has been making headlines, captivating investors with its impressive performance. As the company continues its upward trajectory, it remains to be seen how high it can soar in the coming months. Stay tuned for more updates on LIC’s share price! ๐
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