The value of the state-run Life Insurance Corporation has surpassed its market value of ₹ 7 lakh crore, positioning it as the nation’s fifth most valuable company.
The biggest life insurer in India saw a 6% increase in shares on Friday. In an exchange filing on Thursday, LIC revealed that its standalone profit after tax increased by 49% year over year to ₹ 9,444 crore, while net premiums increased by 5% to ₹ 1,17,017 crore.
The company’s Q3 results show that, on a net basis, the value of new businesses increased by 46% to ₹ 2,634 crore from ₹ 1,801 crore. Sales increased by 8% to ₹ 2.1 lakh crore. The last 12 months have seen an 86.26% increase in LIC stock.
Reliance Industries Ltd. is ranked first on the market capitalization chart, followed by Tata Consultancy Service, HDFC Bank, and Infosys. In terms of value, LIC has surpassed ICICI Bank to take the fifth spot.
The market capitalisation of Reliance Industries Ltd is estimated to be ₹ 19.62 lakh crore.
RIL’s huge market valuation can be linked to its diverse operations and presence across market sectors. Some of the sectors that Reliance Industries has on stronghold non include energy, petrochemicals, retail, telecommunications and natural resources.
During the third quarter of 2023-2024, Reliance Industries Ltd met its expectations, with EBITDA increasing by 15% year-on-year to ₹ 407 billion. This growth was primarily driven by strong performances in the retail and digital sectors.
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