New Delhi, May 26 -- The record date for first-ever bonus issue by insurance behemoth Life Insurance Corporation of India (LIC) is slated for later this week, heightening investor interest in the PSU counter.

LIC shares have been caught in an uptrend, rising for three straight sessions, following a strong set of earnings last week and the announcement of the bonus record date for its 1:1 issue. The PSU stock rose over 2% on Tuesday, taking its three-day rise to 7%.

LIC has fixed 29 May as the record date to determine shareholders eligible for the corporate action. Given the Indian stock market's T+1 settlement system, investors need to buy the stock at least one day prior to the record date.

"The Board of Directors of the Corporation (...