In the June Quarter, Life Insurance Corporation of India (LIC), the biggest insurance business in India, bought equities for a total of Rs 17,000 crore.
LIC is a prominent institutional investor in the stock market in India.
In addition to LIC, mutual funds purchased equity for Rs 1.1 lakh crore between April and June, insurance companies and banks purchased ownership for a net total of Rs 5,035 crore and Rs 628 crore, respectively, while individual investors purchased equity for a total of Rs 39,278 crore. Nonetheless, during this time, foreign investors sold equities valued at Rs 8,495 crore.
LIC had previously bought shares for Rs 44,500 crore and Rs 6,260 crore, respectively, in the quarters ending in January through March and October through December.
The data shows that in the June quarter, LIC boosted its interest in the 89 shares it already owned and added 11 more shares to its portfolio.
As of the June quarter’s end, LIC’s portfolio contained 321 shares. They were worth a total of Rs 15.71 lakh crore. LIC’s portfolio included 333 companies at the end of the March quarter, valued at around Rs 14.29 lakh crore.
The majority of LIC’s investments in firms including Infosys, LTI Mindtree, L&T, Asian Paints, Kotak Mahindra Bank, Bajaj Finance, ICICI Bank, and Oil India were boosted between April and June. The insurance behemoth cut the majority of its holdings in companies like HDFC AMC, Tata Power, Siemens, Hindalco, Bharti Airtel, and HeroMotoCorp.
For the first time, LIC expanded the portfolio to include REC, Dalmia Bharat, Poonawala Fincorp, India Tourism Development, Texmaco Rail & Engineering Limited, and other businesses.
For the past few months, there has been an upward trend in the Indian stock market. The benchmark Nifty of the National Stock Exchange (NSE) increased by more than 10%, while the Sensex of the Bombay Stock Exchange (BSE) increased by almost 10% thus far this year.
