LIC Share Hike! The stock market is a volatile business, where a share can change the fortunes of its investors overnight. Such a remarkable feat was achieved by the shares of the country’s largest insurance company, LIC, whose shareholders made a whopping profit of more than 86,000 crore rupees in just 5 days.
Last week, the major index of shares, the BSE Sensex, witnessed a decline of 490.14 points or 0.67%. During this period, the market capitalization of four out of the top 10 companies in the Sensex increased, resulting in a total market cap gain of 2.18 lakh crore rupees. On the other hand, six companies witnessed a collective decrease in wealth of 1,06,631.39 crore rupees.
LIC shares showed a phenomenal rise, showering its investors with a downpour of wealth. Leading the pack in delivering multi-bagger returns, LIC surged past the 7 lakh crore mark within just 5 days of trading. Although it slightly receded afterwards, by the end of the week, its market cap reached 6,83,637.38 crore rupees. The company’s shares soared by up to 14% during this period, boosting investors’ wealth by 86,146.47 crore rupees.
The rapid rise in LIC shares reflects the confidence of investors in the company’s prospects and underscores its importance in the Indian financial landscape. Despite the fluctuations in the stock market, LIC has emerged as a beacon of stability and profitability for its shareholders.