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LIC insurance ON BUYING SPREE
, HIKES STAKE IN PIVOTALS

Insurer made purchases worth Rs. 12,000 cr

Life Insurance Coporation of India, the largest domestic institutional investor, continued to pile up shares in stock market heavyweights, not withstanding IRDA's proposal that it prune its stake in a single company below 10 percent.

LIC insurance has raised its stake in all the 15 Sensex companies that have disclosed their shareholding pattern for the September quarter to the exchanges.

LIC insurance has been buying share even in those companies where it already had more than 10 percent stake.

During the recent market decline due to large-scale pull out by FIIs, the public sector outfit could have been pressured to buy, said analysts. The domestic financial institutions have been net buyers of equity right through the recent market decline.

BUYING DURING FII EXIT:

All along LIC has been buying shares when the FIIs were selling to stop the market fall, sources close to insurance company sold " The public sector insurance company bought shares worth around Rs. 12,000 cr during the recent market meltdown", one of them said.

LIC's stake has gone up in ACC during the September quarter to 17.18 percent against 15.93 percent at end of June. The other Sensex companies where LIC raised it's stake during the September quarter and held more than 10 percent of shareholding were L&T, Reliance Infrastructure, Tata Motors, Tata Steels and Tata Power.

"In some of these companies, like ITC, Ranbaxy and Larsen & Toubro, LIC has been allowed to maintain it's shareholding", said an analyst handling institutional clients at a broking firm.

In HDFC Bank, LIC's stake has risen sharply to 4.7 percent in the last quarter from 2.15 percent in the previous quarter.

LIC had less than one percent stake in HDFC Bank during March quarter.

Courtesy: The Hindu Business Line

For Further details:
Contact:
Vignesh.M
LIC Agent chennai CB-06
L.I.C. of India
Ph1: 09742463890
Ph2: 09952922230

Email: licpolicies4u@gmail.com