LIC booked profit in bull run, exited banks, auto

Tags: News
Life Insurance Corporation of India (LIC), the largest domestic institutional investor, has booked profit in several frontline stocks in the recent bull run in the market. It has trimmed stake in a large number of Sensex and Nifty companies in the April-June quarter.

Out of 46 Nifty companies that have declared their shareholding pattern, LIC has pared stake in 21 companies and raised stake in 15 companies while it remained unchanged in 10 companies.

Among the Sensex companies, LIC pared stake in 12 out of 29 companies that have disclosed their shareholding pattern and raised stake in eight companies, while it remained unchan­ged in nine companies.

Significant exits by LIC included major banks and automobile firms while it added shares in pharma and IT services companies, analysis of data provided by corporate data firm Capitaline showed.

LIC’s stake in PSU firms in Sensex and Nifty was largely unchanged, though it went up in NTPC and Coal India and there was minor paring of stake in BPCL and GAIL.

LIC cut stake in major banks during the April-June quarter. LIC’s stake went down in State Bank of India from 14.99 per cent to 14.5 per cent, ICICI Bank from 8.74 per cent to 8.30 per cent, Axis Bank from 13.62 to 13.5 per cent, HDFC Bank from 4.95 per cent to 4.70, in HDFC from 2.45 per cent to 2.44, Punjab National Bank from 12.7 per cent to 12.08, in IndusInd Bank from 2.35 per cent to 2.34, Bank of Baroda from 10.79 per cent to 10.48 per cent.

LIC also pared stake in automobile firms like Mahindra & Mahindra (11.38 per cent to 11.17), Tata Motors (3.94 per cent to 3.73) and Bajaj Auto (4.57 per cent to 4.13).

In healthcare companies which are constituents of Sensex and Nifty, LIC is seen to have raised its stake. Thus it raised stake in Sun Pharma from less than one per cent in the previous quarter to 1.75 per cent in the June quarter. In Dr Reddy’s too, its stake went up from 1.18 per cent to 1.98. In Cipla, it was up from 6.54 per cent to 7.44 per cent.

Among the IT services companies, LIC’s stake went up in TCS (2.27 per cent to 2.36 per cent), Infosys (3.25 per cent to 3.82 per cent), HCL Technologies (1.14 per cent to 1.15 per cent); it was unchanged in Wipro (1.59 per cent) and down in Tech Mahindra (2.30 per cent to 2.08 per cent).

In government-owned companies, Life Insurance Corporation of India’s stake was largely unchanged during the June quarter, in Bhel (9.92 per cent), PowerGrid Corporation (3.14 per cent), Oil and Naturak Gas Corporation (7.79 per cent) and NMDC (6.73 per cent).

Life Insurance Corporation of India stake went up in NTPC significantly from 8.57 per cent to 8.8 per cent and in Coal India from 2.10 per cent to 2.12 per cent.

In BPCL, Life Insurance Corporation of India pared its stake from 5.42 to 5.12 per cent, in GAIL from 7.56 per cent to 7.53 per cent and NMDC from 8.02 per cent to 8.01 per cent.

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