Life Insurance Corporation of India (LIC) stock ended nearly 4 per cent higher on Friday after the insurer got more time to comply with the minimum public shareholding norm.
The stock rallied 7.25 per cent to reach its 52-week high of Rs 820.05 during the day on the BSE. It later ended at Rs 793.10, up 3.73 per cent. At the NSE, shares of the company ended at Rs 792.20, climbing 3.62 per cent. During the day, it jumped 7.39 per cent to Rs 821 -- its 52-week high level.
The company's market valuation also climbed Rs 18,057.88 crore to reach Rs 5,01,635.57 crore. The government has granted a one-time exemption to LIC to achieve the required 25 per cent Minimum Public Shareholding (MPS) within 10 years, the state-owned insurance company said on Thursday.
