LIC shares rise up tp 4% on likely health insurance foray

LIC shares are in focus in Thursday's trade as the largest public insurer is set to enter the health insurance space. The company as per reports is in discussion to acquire as much as 50 per cent stake in Manipal Cigna Health Insurance.

The financial consideration for the deal which as of now is in the preliminary stage is pegged at Rs 2,000 crore.

This is as the leading public insurer intends to foray into the underserved  yet fast-growing health insurance segment for offering medical insurance coverage to a wider population base.

On the development, shares of the insurer traded with gains of over 1 per cent at the day's high of Rs 927 per share.

After the gap-up start, shares of the company extended their morning gains and rose up to 4 per cent to day's high price of Rs 952.5 per share.

Nonetheless, at around 12 pm, the scrip traded up by over 2 per cent or Rs 21.3 at Rs 937.55 per share on the BSE.