Life Insurance Corp. of India (LIC) reaped windfall gains in the December quarter, selling a record $4.7 billion worth of shares of listed domestic companies as the shares reached all-time highs during the market bull run.
According to a Mint study based on regulatory filings, the state-run insurer sold part of its investments in at least 100 top listed companies, which, based on volume-weighted average price for the October-December period, adds up to ₹39,163 crore-the highest ever in the third quarter of a financial year.
"Most stocks that were sold during the quarter by LIC were at their highest ever price levels, which means the actual value of the share sale by LIC could be far higher than even ₹50,000 crore," said a person aware of the developments at LIC.
At ₹39,163 crore, LIC has raked in 31% more money from shares of Indian companies in the December quarter of FY24, compared to ₹29,900 crore in the same quarter a year ago.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Premium the watchword for SBI as Q2 profits surge
Chairman says the bank will compete on quality of service, not on deposit rates
India eyes grants, loans for Global South at COP29
India plans to leverage its climate commitments to pitch for grants and concessional loans, instead of investments for the Global South, at the upcoming climate negotiations in Baku, two people aware of the matter said.
Tata Steel's Q2 show weighed down by slow Europe revival
The September quarter (Q2FY25) earnings of Tata Steel Ltd had its share of positives even as European operations remain a drag.
Spectre of fall in revenue nixes telecom levy cut
Indian telecom service providers' hopes to get relief from levies on adjusted gross revenue (AGR) might get dashed on the Union finance ministry's revenue concerns, according to two senior officials close to the discussions.
Zomato, Swiggy face CCI heat on antitrust violation
An investigation by India's antitrust body found food delivery giants Zomato and SoftBank-backed Swiggy breached competition laws, with their business practices favouring select restaurants listed on their platforms, documents show.
Trump enters just as the Fed is shifting its focus
With its second consecutive interest-rate cut this year, the Federal Reserve is attempting to boost the odds of a soft landing.
Regulator gets staff to enforce drug quality
The govt is planning to fill 250 new positions to strengthen enforcement
Govt unveils scheme for meditech industry
The government on Friday launched a scheme aimed at strengthening the medical devices industry with an initial outlay of ₹500 crore for three years 2024-2025 to 2026-27.
RATAN TATA MADE INDIA A BETTER, KINDER PLACE
Shri Ratan Tata's support for the Swachh Bharat Mission was close to my heart
Ministry cancels allocation of coal block to JSW Steel
The Union coal ministry has annulled the allocation of the Banai-Bhalumunda coal block in Chhattisgarh to Sajjan Jindal-led JSW Steel over the non-payment of a performance bank guarantee worth about ₹1,000 crore.
