New Delhi: Life Insurance Corporation of India (LIC) has clinched the title of the country's most valued PSU firm, surpassing the long-standing leader, State Bank of India (SBI), in terms of market valuation. On Wednesday, LIC's shares surged by 3 percent, reaching a 52-week high of Rs 919.45 during intra-day trading on the BSE. However, by the end of the session, the gains were tempered, and the stock closed 0.63 percent lower at Rs 886.90.
In contrast, SBI witnessed a 1.67 percent decline in its stock, closing at Rs 626.15 apiece. The market capitalization of LIC now stands at Rs 5,60,964.05 crore, surpassing SBI's valuation by Rs 2,149.47 crore. This notable achievement places LIC at the ninth position among the top ten most valued firms in the country.
Reliance Industries continues to hold the top spot as the most valued firm in India, with a market valuation of Rs 18,42,160.54 crore. It is followed by TCS (Rs 14,21,230.44 crore), HDFC Bank (Rs 11,66,888.98 crore), ICICI Bank (Rs 6,87,740.99 crore), Infosys (Rs 6,80,631.89 crore), Bharti Airtel (Rs 6,10,389.59 crore), Hindustan Unilever (Rs 6,02,388.21 crore), ITC (Rs 5,82,423.61 crore), LIC (Rs 5,60,964.05 crore), and SBI (Rs 5,58,814.58 crore).
LIC, the country's largest insurer, made its debut on the stock market in May 2022 through an Initial Public Offering (IPO). The government, which currently holds a 96.5 percent stake in the company, divested over 22.13 crore shares, equivalent to a 3.5 percent stake, during the IPO. The milestone achieved by LIC underscores its growing significance in the financial market and its prominent position among India's premier public sector undertakings.
