Life Insurance Corporation of India (LIC) shares climbed 5.1% in Friday’s session on the Bombay Stock Exchange (BSE) to touch an intraday high of Rs 987.5.
By 13:42 PM, the stock traded at ₹986.75, up 5.08%, outperforming the BSE Sensex, which rose 0.97% to 79,806.89. The market capitalization of LIC stood at Rs 6.16 lakh crore.
The rally followed LIC’s announcement of an appeal to the GST Appellate Authority, Jammu & Kashmir, challenging a demand of Rs 66.69 lakh for FY 2019-20. The order, issued by the Assistant Commissioner, CGST-Division-Srinagar, also included a penalty of Rs 6.67 lakh.
In its filing, LIC stated:
The Corporation has filed an appeal with the GST Appellate Authority, Jammu Kashmir, against the order issued by the Assistant Commissioner, CGST-Division-Srinagar Commissionerate-Jammut.
Adding to the positive sentiment, LIC recently became part of the Futures and options (F&O) trading segment. Stocks in this category typically witness heightened trading activity due to their flexibility in speculative and hedging strategies.
The National Stock Exchange (NSE) announced its latest list of F&O inclusions on November 13, 2024, which featured LIC. Following this announcement, 37 out of the 45 stocks included in the list recorded net gains as of November 28, 2024.
Founded in 1956, LIC is India’s largest state-owned insurance and investment corporation. It was created by the Government of India to make life insurance accessible across all social strata. Over the years, LIC has grown to become one of the most recognized and trusted financial institutions in the country.
The recent developments, including legal updates, strong market performance, and F&O inclusion, have made LIC a key stock to watch even though the stock delivered a stellar 38.3% return in the last year, significantly outpacing the Sensex’s 18% rise during the same period.