LIC shares jump as PM Narendra Modi hails Rs 17L cr worth PSU stocks

Shares of Life Insurance Corporation of India (LIC) climbed 3 per cent in Wednesday's trade after the Prime Minister Narendra Modi said many rumours were spread about the largest life insurer in the past and yet the stock was trading at record high levels.

The stock hit a record high of Rs 1,050.50, up 2.52 per cent. It eventually closed at Rs 1,045, up 1.98 per cent. LIC recently breached its 2022 IPO issue price of Rs 949.

"Adarniya sabhapati ji, mein sina taan ke kehna chahta hoon, aankhein uunchi karke sunana chahta hoon, aaj LIC shares record sthar par hain," PM Modi said in his address at Rajya Sabha.

PM Modi talked about net worth of PSU companies, which is now more than Rs 17 lakh crore as against Rs 9.5 lakh crore in 2014, he said. He said net profit of PSUs have jumped to over Rs 2.5 lakh crore now against Rs 1.25 lakh crore in 2014, when his government came to power.

PM Modi's words came a day ahead of LIC's quarterly results. The life insurer earlier had informed stock exchanges that its board of directors would meet on February 08 to consider and approve financial results for the quarter and nine-month period ended on December 31, 2023. In the BSE filing, LIC said the board of directors would also consider a proposal for declaration of interim dividend for the financial year 2023-24.

PM Modi said there were 234 PSUs in 2014 under the UPA II government, which have risen to 254 today under the NDA. He said people's confidence was improving in PSU shares. The PM was speaking about his government's performance since 2014.Also read: Thermax, Dynacons, Kaynes Tech, Quess and more: Hot stocks for February 7, 2024