LIC made bumper investment
In the March quarter, when the Indian stock market was under heavy selling pressure, the country's largest institutional investor company LIC played a big bet. The company increased stake in stocks like Bajaj Finance, Infosys, TCS, Bharti Airtel and IRFC by investing about Rs 18,500 crore. The special thing was that LIC bet on those companies whose shares had fallen by 20% to 30%. It is clear that LIC has seen the market weakness as a long-term opportunity.
Amidst the sharp decline in the Indian stock market during the March quarter, Life Insurance Corporation of India (LIC) adopted an aggressive investment strategy and bought shares worth about Rs 18,500 crore. The country's largest domestic institutional investor company placed bets on those shares which had seen a huge decline. This strategy of LIC has emerged as the biggest example of buying the dip in the market.
Most purchases made in Bajaj Finance
LIC made maximum purchases in Bajaj Finance during this period. The company invested about Rs 2,167 crore by purchasing 2.32 crore additional shares. The special thing was that Bajaj Finance shares had fallen by about 19% during the quarter. Apart from this, LIC invested Rs 2,153 crore in Bharti Airtel, Rs 2,143 crore in TCS and Rs 2,068 crore in Cipla.
The most talked about issue is the increased stake in IRFC. LIC purchased additional 18.72 crore shares of Indian Railway Finance Corporation, the estimated value of which was Rs 2,044 crore. IRFC's shares had fallen by about 30% during the quarter, but despite this LIC increased its stake in this PSU company from 1.10% to 2.54%.
Bets in IT stocks also
LIC also showed great confidence in the IT sector. About Rs 1,897 crore was invested in Infosys and Rs 1,819 crore was invested in HAL. Infosys shares had fallen by 23% and HAL by about 21% during this period. Apart from this, HCL Technologies, Hyundai Motor India and Maruti Suzuki were also among the top buying companies of LIC.
However, LIC's strategy was not limited to purchases only. The company also booked profits in some big banking and metal stocks. The biggest sale took place in SBI, where LIC sold shares worth Rs 4,626 crore. Apart from this, stake in ICICI Bank and HDFC Bank was also reduced. There was a huge decline in the shares of HDFC Bank during the quarter, but LIC thought it better to cut instead of buying here.
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