LIC cuts exposure in equities, sell shares worth Rs 12,600 cr, Axis Bank on top
At the same time, LIC acquired shares worth about Rs 3,877 crore (about $ 714 million) in energy, metal and mining and software companies, the global research report by BofA-Merrill Lynch said.
LIC sold shares of private lenders --Axis Bank, HDFC Bank and ICICI Bank--drug major Sun Pharma and auto firm Mahindra & Mahindra, while bought shares of energy companies-- Reliance Power, Cairn India and Reliance Industries-- IT giant Infosys, and FMCG firm ITC, the report said.
"State-run LIC lowered its exposure to companies like Axis Bank (with sale of shares for an estimated $891 million), Mahindra & Mahindra ($177 million), HDFC Bank ($ 157 million), Sun Pharma ($154 million) and ICICI Bank ($145 million)," the report said.
On the other hand, LIC's major investment during the quarter included Reliance Power ($203 million), Infosys ($162 million), Cairn India ($150 million), Reliance Industries ($142 million) and ITC ($94 million).
The report said that LIC has emerged as net sellers during October-December quarter and most of the pullout was from private sector companies.
Also, LIC was net seller during the July-September quarter 2012 with the insurer purchasing shares worth an estimated $ 1.3 billion (Rs 7,020 crore) in India equities and selling shares to the tune of $ 436 million (Rs 2,355 crore).
In terms of sectors, LIC sold
Be the first to comment.