LIC becomes most valuable PSU as its market cap overtakes SBI
Life Insurance Corporation of India share price gained more than 2% in morning trades on Wednesday helping its market cap cross the ₹5.8 Lakh Crore mark as it touched 52 week highs of ₹919.45 a piece. LIC market cap thereby surpassed market cap State Bank Of India (SBI) . SBI share price was down 1% on the BSE while its market cap stood at around ₹5.62 Lakh Crore .
The LIC share price have been on a significant uptrend since start of November, having gained more than 50%. Post-listing, the share price of LIC, experienced significant downward pressure until March 2023, reaching an all-time low of ₹530. However, a notable turnaround occurred in the subsequent months, with a particularly robust upward momentum observed in November, marking a gain of 12.83%.
Also Read- HDFC Bank share price cracks 7% after Q3 results; what should investors do? This positive trend however caught further pace into the following month, with an impressive gains of 22.66% in the month of December. In the current month, and ever since start of 2024, the stock has shown a further strong move as it has gained more than 10% so far. At current levels, the stock is just around 4% away from its IPO price.
LIC had remained amongst the conviction picks of many analysts. Centrum Broking at the start of January has said that LIC is trading at a discount to its Embedded Value which offers significant value comfort. As seen from Q1 results, LIC still is a dominant player and despite its huge size, their market share is still increasing.
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