LIC Share Price; Losses on IPO listing day now shares catch ‘bullet’ speed; Shares hit 6-month high
The stock gained 20% in one month
LIC shares have been steadily increasing and investors are smiling. LIC shares have rallied 20 per cent in the past one month. On the other hand, the stock has gained 10 percent in the last two days. Shares of the company have been bullish while the BSE’s Sensex index has fallen as much as one per cent in the past month.
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LIC shares rise in market decline
Shares of LIC rose throughout the day during trading on the Indian stock market on Tuesday. After opening at Rs 737 at 9.15 am, it soon touched Rs 754, the stock’s six-month high. However, as the day’s trading progressed, this profit decreased. But despite this, LIC shares rose 0.52 percent or Rs 3,800 to close at Rs 738.40 at the end of the trading session.
The IPO came in 2017
LIC’s IPO was held in October 2017. At that time the IPO price was Rs.912. So next year, i.e. in 2018, the company also issued bonus shares in the ratio of 1:1. LIC’s IPO was listed on May 17 this year. Since then the company’s share has failed to reach its IPO issue price of Rs 949, while the stock listed on the National Stock Exchange at Rs 872 and is currently trading 22% below the stock issue price. The stock has gained up to 17% in the past one month.
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What is the reason for the boom in shares?
This increase in LIC shares took the company’s market capitalization to Rs 4.72 lakh crore. According to experts who closely monitor the ups and downs of the market, there are several reasons for this rise in the shares. These include the impact of all the news such as the government’s proposal to issue a composite insurance license, the government’s appointment of the private sector as the head of LIC.
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Along with this, LIC is increasing its stake in many companies. In this, the company increased its stake in Indian Railway Catering and Tourism Corporation from 5 per cent to 7.3 per cent, while the company also increased its stake in HDFC AMC.
Stock market falls
The sell-off on Tuesday led to a fall in the stock markets and both the indices Sensex-Nifty closed in the red. The BSE Sensex closed down 103.90 points at 61,702.29. During this period, out of 30 stocks in the Sensex, 11 closed on green and 19 closed on red. Also, NSE’s Nifty closed down 35.15 points at 18,385.30 points.
(Note- Consult your market expert before investing in share market.)
