After a 20% Rally in a Month, LIC Shares Turn Positive for 2023; Can It Retest Its IPO Price?

Life Insurance Corporation of India Ltd. (LIC) shares saw a gain of almost 20% during the previous month, and they are now positive for 2023. On Monday, the stock finished 7% higher.

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Following a year of range trading and a 52-week low of ₹530 on March 29, LIC’s shares had their largest one-day increase since its May 2022 IPO on November 24.

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The 10% increase followed Chairman Siddhartha Mohanty’s statement to news agency PTI that he expects new business premiums to soar by double digits in the fiscal year 2024.

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Following its increase on November 24, LIC’s market capitalization surpassed ₹4 lakh crore. At present, it is valued at ₹4.54 lakh crore.

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The shares of LIC were listed in May 2022 at a price lower than 8.5% of their ₹949 issue price. It hasn’t been able to reach its IPO price since then.

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Some of the largest trading volumes for the stock since it went public were during the spike on November 24 and December 4.

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