LIC cuts equity exposure, sells Rs 12,600-cr shares
Press Trust of India: New Delhi, Feb 20 2013, 02:09 IST
the finance portfolio during the three months ended December 31, 2012, followed by auto ($368 million), pharma ($325 million), industrial ($82 million), cement ($81 million) and chemicals ($7 million), the report said.
In contrast, the insurance giant’s investment in the utilities sector stood at $300 million, followed by $197 million in the energy category, $142 million in metals and mining space, $54 million in software and $21 million in the telecom area. Financial sector accounted for 24% of LICs total equity portfolio in the country followed by energy at 16%, consumer goods 13% and software 8%.
According to an estimate, LIC has lowered its holdings in as many as 27 of the 50 blue-chip firms forming the market benchmark index Nifty, selling shares worth an estimated R8,000 crore for the three-month period ended December 31, 2012.
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