New Delhi:
In a recent announcement, the country’s largest life insurance company, LIC, revealed its latest product, “LIC Index Plus.”
This new index plan, set to be available for sale from February 6th, is categorized as a linked policy, offering non-participating individual life insurance.
LIC has tailored this plan specifically for the domestic market, providing customers with an array of benefits along with life coverage.
Record High Share Prices
On Monday, LIC shares witnessed a historic surge, reaching an all-time high level and crossing the Rs 1000 mark for the first time.
By the close of Monday’s trading session, LIC’s share price settled near Rs 995, marking an impressive rise of approximately ₹50. The stock also touched its 52-week high at 1028.
Market Cap Surpasses Rs 6 Lakh Crore
The remarkable upswing in LIC’s shares resulted in the company’s market capitalization exceeding Rs 6 lakh crore.
This significant milestone adds to the growing success of LIC, which is scheduled to release its December quarter (Q3FY24) results on February 8th.
Impressive Performance Since Stock Exchange Debut
LIC’s shares, listed on the stock exchange in May 2024, initially faced a price band of Rs 949 per share, with an 8 percent discount during listing.
Despite challenges, the shares surged past the Rs 1,000 level for the first time on Monday, showcasing investor confidence.
Noteworthy Returns over the Past Year
LIC’s shares have demonstrated robust performance, with an 8 percent increase in the last 5 days, a 20 percent rise in 1 month, and an impressive 52 percent growth in the past 6 months.
Over the course of one year, shareholders have enjoyed a remarkable 66 percent return.
From its 52-week low on March 29, 2023, at 530.20,
LIC shares have skyrocketed by 93.88 percent to reach the current all-time high.
