LIC reclaims status of most-valued PSU, beating SBI with Rs 5.64-lakh-cr MCap

Life Insurance Corp of India Ltd. has reclaimed its position as the most valued listed public sector undertaking, surpassing the market capitalization of State Bank of India.

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State-run insurance behemoth Life Insurance Corporation of India has reclaimed its position as the most valued listed public sector undertaking, surpassing the market capitalization of State Bank of India.

SBI boasts of a market value of Rs 5.63 lakh crore, while LIC has topped it with a market capitalisation (MCap) of Rs 5.64 lakh crore. At 9.30am, the SBI stock declined 1.5 percent to Rs 624, while LIC traded at Rs 896 on the BSE, up 0.2 percent. The benchmark BSE Sensex lost 1.02 percent to 72,386 points.

LIC has gained over 22 percent in 2023 and jumped 7.5 percent so far in 2024, while SBI advanced nearly 5 percent last year and lost over 1 percent so far this year.

The state-run insurer recently said it plans to launch three-four products in the coming months to achieve double-digit growth in new business premium this fiscal year. Chairman Siddhartha Mohanty in a recent CNBC interview expressed confidence in reaching this target, citing an uptick in individual retail business.

LIC also launched a special scheme, Jeevan Utsav, on November 29. The recent surge in the stock is attributed to the buzz around this non-par product, according to Kotak Institutional Equities.

The brokerage believes LIC’s marketing force is capable of promoting non-par policies and anticipates the next four months to determine the success of this product. Kotak Institutional Equities retains a ‘buy’ tag on LIC, citing inexpensive valuations and a price target of Rs 1,040.

Kotak Institutional Equities in its latest note has increased the target price for SBI to Rs 760, maintaining a ‘buy’ rating. SBI is now Kotak’s preferred stock in the PSU sector, attributed to its demonstrated franchise strength over the last credit cycle.

Kotak recommends owning SBI over other PSU banks, stressing on the lender’s superior performance in credit cost, liability and asset franchises, as well as digital/technological enhancements. The firm sees no evidence to alter this view, solidifying SBI’s position as the preferred choice in the PSU banking space.

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