LIC gained record profits of Rs 79,19,89,74,520 in a single trading session as the stock achieves its highest single-day gain in years!

It is evident that mutual funds augmented their holdings from 6.56 per cent to 6.97 per cent

It was a remarkable day of trading on Dalal Street, not merely due to the Nifty surging by 1.80 percent on Monday, but also owing to the extraordinary performance of the index heavyweight, Reliance Industries, which soared by over 7 per cent, marking its highest single-day gain in the past couple of years.

Commencing at Rs 2,729, the stock experienced an intraday low of Rs 2,720.35 before settling at Rs 2,896.10. Notably, amid the Nifty's 385 points gain, Reliance Industries contributed a substantial 164 points. This robust upswing propelled the stock's market capitalization to an impressive Rs 19,59,471 crore.

Intriguingly, a noteworthy revelation surfaces as the Life Insurance Corporation of India (LIC) holds a 6.31 percent stake in the company, translating to a staggering 416,836,708 shares. With the stock gaining nearly Rs 190 per share, LIC, the nation's largest life insurance company, reaped unprecedented profits of Rs 79,19,89,74,520 in a single trading session—setting a record for the highest single-day profit earned from this stock by LIC.

Examining the shareholding pattern as of December 2023, it is evident that mutual funds augmented their holdings from 6.56 per cent to 6.97 per cent. Moreover, the number of mutual fund schemes increased from 84 to 85 during the December quarter.

Disclaimer: The article is for informational purposes only and not investment advice