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LIC books ₹3,816 cr profit in 3 Adani firms
Mint Mumbai
|January 18, 2024
Life Insurance Corp. of India (LIC) sold shares in three Adani group companies totalling ₹3,816 crore in the December quarter amid volatility in the stocks of the ports-to-renewable energy conglomerate, data from stock exchanges showed.
Despite this sale, the value of LIC’s investment in Adani group companies has risen almost 54% from ₹36,470 crore on 30 January 2023 to ₹56,073.64 crore on 17 January 2024, as shares gained during the period. During the third quarter, LIC also bought shares in Ambuja Cements Ltd worth ₹20.3 lakh.
"This reduction in specific stakes by LIC likely aligns with a cautious approach in anticipation of the uncertain market conditions expected during the Union elections," said Atul Parakh, chief executive officer (CEO) of Bigul, an online investment and trading firm. "Additionally, the subsequent recovery and surge in Adani stock prices post-crisis presented an opportune moment for LIC to realize profits."
This story is from the January 18, 2024 edition of Mint Mumbai.
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