Shares of LIC hit a 52-week high in the NSE on Thursday before retreating to close at Rs 785. Analysts attributed the increase to the rally in the value of Adani group companies’ stocks, in which the corporation has a substantial shareholding.

Shares of LIC have been rallying for the last fortnight, gaining nearly 30% from Rs 608 on November 22.

LIC holds stakes in seven Adani Group companies, including 9% in Adani Ports & Special Economic Zone and 4.2% in Adani Enterprises, which has gained 16% from its lows.

The Adani Group companies have witnessed a significant rally in the last four months.