LIC shares increased by 1% to Rs 927 on November 28 due to reports of the insurer's advanced talks to acquire a 50% stake in ManipalCigna Health Insurance. This potential acquisition would allow LIC to expand its offerings and enter the health insurance sector.

ManipalCigna Health Insurance is a joint venture with Manipal Education & Medical Group holding a 51% stake and Cigna Corporation owning the remaining 49%. Although not publicly listed, this partnership represents a strategic investment for LIC.

LIC's Managing Director and CEO, Siddhartha Mohanty, mentioned during an analyst call that plans are underway to finalize the stake within the current fiscal year. This move aligns with LIC's goal of diversifying its portfolio and taking advantage of the growing health insurance market in India. LIC shares have gained over 10% year-to-date, reflecting investor confidence in the company's growth and commitment to expanding its presence in the health insurance sector.