After listing, LIC has become the fifth most valuable in the country. Its market cap at the listing price is Rs 5.71 lakh crore. Mukesh Ambani-led Reliance Industries Limited is the country’s most valuable company with a market cap of Rs 16.42 lakh crore. It is followed by Tata Group’s TCS, HDFC Bank and the country’s second largest IT company Infosys.
Price may go up
Hemang Jani of Motilal Oswal Financial Services said that the listing of LIC took place at less than the issue price. But given the attractive valuations and stability in the market, retail and institutional investors may show interest. Since a lot of money has been released after the listing of LIC. Some of it may come in equity markets.
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Price can go up to Rs 1000
Meanwhile, foreign brokerage firm Macquarie has started coverage of LIC. It has been given a neutral rating with a target price of Rs 1000. He says that any investor who wants to invest in LIC is investing indirectly in equity markets. Lack of diversification in LIC’s portfolio has resulted in its market share falling. The emphasis of the company is on single premium and group business. Macquarie has set LIC’s target price at Rs 1,000, which is 5.37 per cent higher than its issue price.
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