State-run Life Insurance Corporation (LIC) has soared to new heights, crossing the ₹7 lakh crore market value mark and securing the fifth position among India’s most-valued companies. This milestone follows a 6% surge in LIC’s shares on Friday.
LIC reported a remarkable 49% year-on-year surge in standalone profit after tax, reaching ₹9,444 crore, with net premiums rising by 5% to ₹1,17,017 crore. The company’s Q3 results also showcased a 46% increase in the value of new businesses and an 8% rise in revenue, totaling ₹2.1 lakh crore.
The achievement underscores LIC’s stellar growth, with its stock witnessing an impressive 86.26% rise in the past 12 months. Surpassing ICICI Bank, LIC now ranks fifth in market valuation, trailing behind industry leaders like Reliance Industries Ltd, Tata Consultancy Service, HDFC Bank, and Infosys.
Reliance Industries Ltd leads the market cap chart, trailed by Tata Consultancy Service, HDFC Bank, and Infosys. Notably, LIC has surpassed ICICI Bank to claim the fifth spot as the most-valued company.
Reliance Industries Ltd commands a staggering market capitalization estimated at ₹19.62 lakh crore. This colossal valuation is attributed to the company’s extensive operations and robust presence across various market sectors. Reliance Industries boasts a strong foothold in sectors such as energy, petrochemicals, retail, telecommunications, and natural resources, contributing significantly to its formidable market standing.
During the third quarter of the 2023-2024 fiscal year, Reliance Industries Ltd achieved its anticipated results, with EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) registering a noteworthy 15% year-on-year increase, reaching ₹407 billion. This impressive growth can be attributed to robust performances in the retail and digital sectors, demonstrating the company’s resilience and strategic positioning in key market segments.