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LIC Emerges as Most Valuable PSU, Outpacing SBI with a Market Cap of Rs 5.64 Trillion

17 Jan 2024 , 12:28 PM

State-run insurance giant Life Insurance Corporation of India has restored its status as the most valuable listed public sector entity, exceeding the market capitalization of State Bank of India.

SBI has a market value of Rs 5.63 lakh crore, whereas LIC has the highest market capitalization (MCap) of Rs 5.64 lakh crore. 

Following this development LIC’s counter hit a new 52-week high of Rs 918.45. On the other hand, SBI’s share fell nearly 2% to intraday low of Rs 623.

LIC increased by more than 22% in 2023 and is up 7.5% so far in 2024, whilst SBI increased by over 5% last year but has lost more than 1% this year.

The state-run insurer has said that it intends to launch three to four new products in the next months in order to achieve double-digit growth in new business premiums this fiscal year. In a recent interview, Chairman Siddhartha Mohanty indicated confidence in meeting this objective, noting an increase in individual retail sales.

On November 29, LIC announced a new plan called Jeevan Utsav. The current spike in the stock might be attributable to the excitement around this inferior product.

The brokerage believes LIC’s marketing staff is capable of pushing subpar plans, and it expects the next four months to decide the product’s effectiveness.

At around 11.36 AM, LIC was trading marginally higher at Rs 892.60, against the previous close of Rs 892.55 on NSE. 

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Related Tags

  • LIC Market Cap
  • LIC NEWS
  • LIC PSU
  • LIC Share Price
  • LIC Updates
  • SBI Market Cap
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