LIC cuts exposure in equities, sell shares worth Rs 12,600 cr, Axis Bank on top
PTI: New Delhi, Feb 19 2013, 14:08 IST
shares valued at $ 1.45 billion in 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 per cent of LICs total equity portfolio in the country followed by energy at 16 per cent, consumer goods 13 per cent and software 8 per cent.
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 Rs 8,000 crore for the three-month period ended December 31, 2012.
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