LIC cuts equity exposure, sells Rs 12,600-cr shares
At the same time, LIC acquired shares worth about R3,877 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 ó Axis Bank, HDFC Bank and ICICI Bank ó drug major Sun Pharma and auto firm Mahindra & Mahindra, while bought shares of energy companies ó Reliance Power, Cairn India and Reliance Industries ó IT giant Infosys, and FMCG firm ITC, the report said.
ďState-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),Ē the report said.
On other hand, LICís 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 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 (R7,020 crore) in India equities and selling shares to the tune of $436 million (R2,355 crore).
In terms of sectors, LIC sold shares valued at $1.45 billion in