LIC Shares witnesses a Sharp JumpBusiness News

February 07, 2024 20:45
LIC Shares witnesses a Sharp Jump

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LIC's shares saw a 3% increase during Wednesday's trading session, following Prime Minister Narendra Modi's remarks about the company. Despite past rumors, LIC's stock reached record highs, hitting Rs 1,050.50 and eventually closing at Rs 1,045. The Prime Minister also highlighted the significant growth of PSU companies, with their net worth now exceeding Rs 17 lakh crore compared to Rs 9.5 lakh crore in 2014. Additionally, he mentioned that PSUs' net profit has more than doubled, reaching Rs 2.5 lakh crore from Rs 1.25 lakh crore in 2014, during his government's tenure. PM Modi's statements were made a day before LIC's quarterly results, which are scheduled to be announced on February 08.

During the period of 2023-24, Prime Minister Modi addressed the increase in the number of public sector undertakings (PSUs) from 234 in 2014 to 254 at present under the NDA government, as opposed to the UPA II administration. He emphasized the growing trust of the people in PSU shares, while discussing the achievements of his government since 2014.

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LIC Shares  LIC