Mumbai: India's state-run Life Insurance Corporation (LIC) has achieved a market valuation exceeding Rs 7 lakh crore, securing the fifth position among the country's most-valued companies.
LIC's shares experienced a notable surge of up to 6% on Friday following the release of its exchange filing, revealing a substantial 49% year-on-year increase in standalone profit after tax, reaching Rs 9,444 crore. Concurrently, net premiums exhibited a 5% rise, reaching Rs 1,17,017 crore.
In its Q3 results, LIC demonstrated robust performance, with the value of new businesses experiencing a remarkable 46% net increase to Rs 2,634 crore compared to Rs 1,801 crore. The revenue also demonstrated growth, rising by 8% to Rs 2.1 lakh crore. Over the past 12 months, LIC's stock has witnessed a notable increase of 86.26%.
The current market capitalisation hierarchy places Reliance Industries Ltd in the top position, followed by Tata Consultancy Service, HDFC Bank, and Infosys. LIC's impressive market valuation has propelled it to overtake ICICI Bank, securing the coveted fifth position among the most-valued companies.
Reliance Industries Ltd holds the pinnacle of the market cap chart with an estimated valuation of Rs 19.62 lakh crore. The substantial market valuation of RIL can be attributed to its diversified operations across various sectors, including energy, petrochemicals, retail, telecommunications, and natural resources.
Reliance Industries Ltd reported meeting expectations during the third quarter of 2023-2024, achieving a 15% year-on-year increase in EBITDA to Rs 407 billion. This growth was primarily driven by robust performances in the retail and digital sectors.