By Malvika Gurung
Investing.com -- Shares of the country’s largest insurance company Life Insurance Corp of India (NS: LIFI ) surged 4.7% in the intraday trade to Rs 691 apiece on Wednesday, continuing to rise for the fourth day in a row and gaining 7% in the period.
LIC’s shares scaled their highest level since earlier this year on January 27, 2023, in Wednesday’s trade. Compared to the insurer’s upbeat performance in the intraday session, equity benchmark indices Nifty50 and Sensex lost 0.2% each.
A total of 39,77,868 equity shares of the insurance bellwether changed hands by 11:45 am on the NSE in the session on September 6, 2023.
The mega-cap insurance stock has surged 4.16% in a month’s time, outperforming its peers from the insurance sector, including Bajaj Finserv (NS: BJFS ), HDFC Life Insurance (NS: HDFL ) Company, and SBI Life Insurance Company (NS: SBIL ), the shares of which advanced 0.09%, dropped 0.42%, and gained 0.88% respectively, during the period.
Further, LIC’s stock has continued to extend its rising momentum (run) to the sixth consecutive month, gaining 5.8% so far in September 2023.
In other news, the national insurance behemoth slashed its shareholding in the leading pipe solutions provider Welspun Corp (NS: WGSR ) by 2.05% to 5.202%.
LIC offloaded a total of 53,62,088 equity shares of Welspun Corp, aggregating to a 2.05% stake, from November 10, 2022, to September 4, 2023 through market sale.
Continue Reading: LIC Cuts Stake in Welspun Corp by Over 2%, Total Holding Value?
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