Shares of Life Insurance Corporation of India (LIC) touched a 52-week high on Febuary 7 tracking comments from Prime Minister Narendra Modi, who said that people’s confidence is improving in the country's PSU companies.
"People’s confidence is improving In PSU (public sector undertaking) companies. The net worth of these PSUs have seen a jump like never before over the last few years," Modi said during his reply to the discussion on the President's Motion of Thanks in the Rajya Sabha.
Shares of LIC closed for trading at Rs 1,045 a piece on BSE on February 7, up by 1.98 percent. It had jumped to a 52-week high of Rs 1050.50 intraday.
ALSO READ: PM Modi says PSUs net worth soared 78% since 2014, cheers rising confidence
Indian PSU companies have performed remarkably in the market over the past five years, with Nifty PSE outperforming Nifty by recording a 108 percent return between the FY23 budget and FY24 interim budget, compared to Nifty's 23 percent.
ALSO READ: What’s behind the rally in PSU stocks
Additionally, LIC may consider the declaration of interim dividend for financial year 2023-24 on February 8, the date on which it would be releasing its results for quarter ended December 2023.
The state-run insurer had last week informed the exchanges that its board of directors would be meeting on February 8 to consider and approve the unaudited financial results of Q3 FY24.
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