Life insurance Corporation of India (LIC) bought additional stakes in Power Finance Corporation (PFC), Voltas, Dr Reddy’s Labs, Sunteck Realty, Hindalco Industries and Dr Reddy’s Labs, among others, in the September quarter. It sold stakes in ICRA, Hindustan Aeronautics, Bharat Dynamics, GMFC and TVS Motor, among others, PRIME Database suggested in its latest shareholding note.
Data showed LIC’s ownership in listed companies fell to to 3.87 per cent as of September 30 compared with 3.92 per cent as on June 30. In value terms, however, LIC holding stood at Rs 10.27 lakh crore on September 30, up 10.38 per cent over the last quarter.
LIC’s holding in PFC stood at 4.49 per cent in September quarter. It held less than 1 per cent stake in the NBFC as of June 30. In Voltas, LIC upped its stake by 167 basis points to 8.24 per cent from 6.57 per cent sequentially. The life insurer raised its stake in Dr Reddy’s to 7.58 per cent from 6.04 per cent, up 154 basis points QoQ.
LIC increased its stake in Hindalco Industries and Sunteck Realty sequentially by 109 basis points each. In Hindalco, it held 9.20 per cent stake as of September 30 against June quarter’s 8.11 per cent. In Sunteck, it upped stake to 2.99 per cent from 1.90 per cent QoQ.
Divis Labs (up 98 basis points), Tech Mahindra (up 93 basis points), Tata Consumer Products (up 87 basis points), BPCL (up 84 basis points) and Welspun Corp (up 82 basis points) were among LIC’s top picks for the quarter.
On the flip side, LIC cut its stake in United Nilgiri Tea Estates by 304 basis points to 7.71 per cent from 10.75 per cent QoQ. It no more held stake in Hitachi Energy. The insurer held 3.81 per cent stake in Hitachi Energy as of June quarter.
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In ICRA, it cut stake to 1.42 per cent from 4.16 per cent QoQ. LIC reduced stake in state-run HAL to 1.42 per cent from 4.16 per cent QoQ.Bharat Dynamics, Mukund, GNFC ad TVS Motor were some other stocks, where LIC reduced stakes by at least 200 basis points.
