LIC Regains Status Of Most-Valued PSU Outperforming SBI

Life Insurance Corporation of India (LIC) regained its position as the most-valued listed Public Sector Undertaking (PSU), outperforming the market capitalisation of State Bank of India (SBI).

SBI announced a market value of Rs. 5.63 lakh crore, LIC had surpassed it with a market capitalisation (MCap) of Rs 5.64 lakh crore. As the SBI stock depleted 1.5 percent to Rs 624 at 9.30 am, while LIC traded at Rs 896 on the BSE, up 0.2 percent, Moneycontrol reports.

When LIC has acquired over 22 percent in 2023 and bounced 7.5 percent so far in 2024, while SBI improved close to 5 percent the previous year and lost over 1 percent so far this year.

The state-run insurer recently said it plans to launch three-four products in the coming months to achieve double-digit growth in new business premium this fiscal year, Moneycontrol reports. In a recent CNBC interview, Chairman Siddhartha Mohanty extended confidence in attaining this target, referring an upward trend in individual retail business.

Besides, LIC has announced a special scheme, Jeevan Utsav, on November 29. According to Kotak Institutional Equities, the recent rise in the stock is associated to the buzz concerning this non-par product.

Kotak recommends securing SBI over other PSU banks, emphasising the lender”s superior performance in credit cost, liability and asset franchises, as well as digital/technological enhancements.

(With inputs from Moneycontrol)