LIC shares hit record high today. Here’s what PM Modi said
The shares of Life Insurance Corporation of India (LIC) soared to a new high, marking a 3 percent increase, buoyed by Prime Minister Narendra Modi’s positive comments on the insurer’s robust performance and resilience in the market.
In a recent address, PM Modi highlighted the unwarranted rumors surrounding LIC, India’s largest life insurer, and celebrated its current record-breaking stock price of Rs 1,050.50. The shares eventually closed at Rs 1,045, signaling a 1.98 percent rise, surpassing its 2022 IPO issue price of Rs 949.
During his speech at the Rajya Sabha, Modi proudly stated, “Today, LIC shares are at a record level,” further discussing the bolstered net worth of PSU companies, which has significantly increased to more than Rs 17 lakh crore from Rs 9.5 lakh crore in 2014. Additionally, the net profit of PSUs has surged to over Rs 2.5 lakh crore from Rs 1.25 lakh crore during the same period.
These comments were made just before the announcement of LIC’s quarterly results. The insurer is set to present its financial outcomes for the quarter and nine-month period ending December 31, 2023, with the board also considering an interim dividend for the fiscal year 2023-24.
Modi also mentioned the growth in the number of PSUs from 234 in 2014 to 254 today, reflecting the growing public confidence in PSU shares.
