There has been a big decline in the Indian stock market for the last two days. Even in this decline, many government stocks are performing well. LIC is one such share. The shares of Life Insurance Corporation are seeing a rise even during the decline in the market. In Thursday’s trading session, LIC shares closed at Rs 900 with a gain of 1.41 percent.
Crossed 900 for the first time after listing
This is the first time after the listing on May 20, 2022 that LIC shares have closed at 900. LIC touched a high of Rs 907 and a low of Rs 867 during the day’s trading. Due to the rise in the stock, the market cap of LIC has reached Rs 5.69 lakh crore for the first time.
Shares rose 45 percent in six months
LIC shares are witnessing tremendous growth in the last few months. LIC shares have given a return of 45 percent in the last 6 months. At the same time, in the last one month the stock has given a return of 13 percent to its investors. The stock has given a return of 8.53 percent in the last one week.
Reason for rise in shares
The reason for the rise in LIC shares is the positive trend regarding government shares as well as updates regarding the company’s business. The plan named LIC Jeevan Utsav was launched by the company in November. At the same time, LIC has also been relieved from the obligation of having a minimum 25 percent stake after going public. At present, retail investors hold 2.4 percent stake in LIC and DIIs hold one percent stake. At the same time, the government has 96.5 percent stake.
Let us tell you, any company listed in the stock market has to give at least 25 percent stake to the public. An income of Rs 2.02 lakh crore was recorded in the September quarter of the current financial year. The company’s profit during this period was Rs 7,925 crore.
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