INDIA – LIC purchases shares worth over USD 2 billion

According to a report by BofA-Merrill Lynch, LIC has purchased shares worth over USD 2 billion in Indian companies-mostly in sectors like utilities, energy and software during the April-June period. It also sold shares in media, hotels and consumer good firms worth USD 115 million.

 

According to the report, LIC’s major investment during the quarter included NTPC (USD 531 million), Infosys (USD 356 million), RIL (USD 269 million), Cairn India (USD 221 million) and Bajaj Auto (USD 199 million).

 

On the other hand, LIC lowered its exposure to companies like Tata Motors (selling of shares with an estimated USD 58 million), Syndicate Bank (USD 49 million), Hindustan Unilever (USD 45 million), Allahabad Bank (USD 32 million) and HDFC Bank (USD 23 million).