LIC becomes most valuable PSU firm; surpasses SBI in market valuation ranking | India Business News

NEW DELHI: Life Insurance Corporation of India (LIC) surpassed State Bank of India (SBI) to become the country’s most valued PSU firm by market valuation on Wednesday. Shares of LIC climbed 3 per cent to reach its 52-week high of Rs 919.45 in intra-day trade on the BSE. However, later it pared the gains and ended 0.63 per cent lower at Rs 886.90. The stock of SBI fell by 1.67 per cent to Rs 626.15 apiece.
The market capitalisation of LIC stood at Rs 5,60,964.05 crore, which is Rs 2,149.47 crore more than SBI’s Rs 5,58,814.58 crore valuation. LIC stood at the ninth place in the ranking of top ten most valued firms.
Reliance Industries leads the list of country’s most valued firm with a market valuation of Rs 18,42,160.54 crore.
The others in the list are:
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
SBI – Rs 5,58,814.58 crore
The country’s largest insurer was listed in May 2022. The government had sold over 22.13 crore shares, or a 3.5 per cent stake in LIC, through an Initial Public Offering (IPO). The government holds 96.5 per cent stake in the company.