LIC cuts stake in 27 Nifty firms; sells shares worth Rs 8,000 crore
New Delhi: State-run insurance giant LIC has lowered its holdings in as many as 27 of the 50 blue-chip firms forming the market benchmark index Nifty, while selling shares worth an estimated Rs 8,000 crore. Amid stepped-up share purchase by FIIs and an uptrend in the stock market, the Life Insurance Corporation of India (LIC) appears to have booked profits in many blue-chip stocks, shows an analysis of shareholding data of Nifty companies for the three-month period ended December 31, 2012.
LIC holds shares worth about Rs 2.33 lakh crore in all the Nifty companies put together, but it lowered its holding in a total of 27 Nifty companies during the quarter. The cumulative value of LIC holding in these 27 companies fell by little over Rs 8,000 crore during the quarter shows the analysis of changes in their shareholding patterns. The insurance major appears to have mainly booked profits in select stocks from sectors like banks, pharma, auto, refineries and metal.
Expressing serious concern over the ongoing protests in Andhra Pradesh, following the nod for the creation of a separate Telangana State, the Communist Party of India (CPI) leader D Raja said that the Centre must address the genuine concerns of the people and assure them that their interests will be duly protected.
Date 16 hrs ago, Duration 2:11, Views 171