New Delhi: One and a half years after losing the title to SBI, LIC has today surpassed India’s largest public sector bank to become the most valuable PSU stock.
Life Insurance Corporation of India (LIC) has overtaken the market cap State Bank of India (SBI), to reclaim its title of being the most valuable public sector stock.
While SBI holds a market value of Rs 5.63 lakh crore, LIC has surpassed it with a market capitalization (MCap) of Rs 5.64 lakh crore. As of 9:30 am, the SBI stock witnessed a 1.5 per cent decline to Rs 624, whereas LIC traded at Rs 896 on the BSE, showing a 0.2 per cent increase. Concurrently, the benchmark BSE Sensex experienced a 1.02 per cent loss, settling at 72,386 points.
In May 2022, the government sold a 3.5% stake in LIC’s IPO through an offer for sale worth approximately Rs 21,000 crore, making it the largest IPO in India to date.
The recent surge in LIC’s stock comes after brokerage firms upgraded their ratings on the company. Emkay Global raised its target price on LIC to Rs 975 per share, citing attractive valuation, growth revival in FY25, and the potential for increased dividends.
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