ICICI Pru, HPCL enter Rs 50,000 crore market club

ICICI Prudential Life Insurance Company (ICICI Pru) and Hindustan Petroleum Corporation (HPCL) have entered the elite league of corporate entities with a market value of over Rs 50,000 crore, after a recent rally in their stock prices. 

At 03:02 pm on January 19, the market capitalisation of ICICI Pru stood at Rs 50,236 after the stock hit high of Rs 351 on the BSE. The BSE data shows that HPCL was 1 per cent up at Rs 495, with m-cap of Rs 50,276 crore. Besides, on January 12, the stock of state-owned oil marketing company hit a record high of Rs 499 in intra-day trade and had a m-cap of Rs 50,119 crore at the end of the day.

HPCL (up 20 per cent) and ICICI Pru (19 per cent) have outperformed the market by gaining up 20 per cent from December 26 lows, as compared to 6 per cent rise in the Standard and Poor's BSE Sensex. 

Meanwhile, the stock of the insurance major has rallied 28 per cent from its low of Rs 274 on November 9, 2016 after the poor listing. The company had raised Rs 6,057 crore through initial public offer by issuing shares at price of Rs 334 per share, becoming the first insurer on the list.