LIC hits 19-mth high, up 7% on getting 1-time exemption to achieve 25% MPS

Growth ramp up of the country's largest life insurer hinges on improved execution

Shares of Life Insurance Corporation of India (LIC) hit a 19-month high of Rs 820.05 as they rallied 7 per cent on the BSE during Friday’s intraday trade.

The stock was supported by heavy volumes, after the finance ministry gave the company a one-time exemption from the 25 per cent public shareholding rule. The stock closed with gains of 3.73 per cent at Rs 793 per share. 

A combined 11.6 million equity shares of the company have changed hands during the day’s trading on the NSE and BSE, exchange data shows. The LIC stock was quoting at its highest level