LIC share sales in Q3 at record as market soars
Mint Mumbai|February 14, 2024
Amount from share sales at 39,163 crore, 31% higher than a year earlier
Mayur Bhalerao & Anirudh Laskar
LIC share sales in Q3 at record as market soars

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.

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.

MORE STORIES FROM MINT MUMBAIView all
7 myths about ADHD and how to handle it
Mint Mumbai

7 myths about ADHD and how to handle it

Some adults with ADHD are misdiagnosed as having anxiety or depression as myths prevail even in the medical community

time-read
4 mins  |
November 12, 2024
Why women bear the brunt of misdiagnosis
Mint Mumbai

Why women bear the brunt of misdiagnosis

Girls are half as likely as boys to be diagnosed correctly as having ADHD, show studies

time-read
2 mins  |
November 12, 2024
At these international marathons, it's ready, steady, swig
Mint Mumbai

At these international marathons, it's ready, steady, swig

Can running and drinking go together? From France to Scotland, here are five races where running is a merry party

time-read
2 mins  |
November 12, 2024
Indian IT firms should brace for Trump's second term
Mint Mumbai

Indian IT firms should brace for Trump's second term

Restrictive visa, trade and other policies under Trump 2.0 may force a review of their US-centric business models

time-read
3 mins  |
November 12, 2024
Freebies don't offer a long-term solution but let us not ban them
Mint Mumbai

Freebies don't offer a long-term solution but let us not ban them

Keeping citizens dependent on handouts is not fiscally sustainable. India needs a transparent framework to regulate them

time-read
4 mins  |
November 12, 2024
Is Nvidia's chief dreaming of selling us R2-D2-like robots?
Mint Mumbai

Is Nvidia's chief dreaming of selling us R2-D2-like robots?

It may turn out to be a good bet if the chip-maker keeps its risks low

time-read
3 mins  |
November 12, 2024
Two ways the EPFO can get itself an image boost
Mint Mumbai

Two ways the EPFO can get itself an image boost

India's state-run retirement fund would do itself a favour by resolving its high level of claim rejections and speeding up interest payments. Its digital makeover should signal efficiency

time-read
2 mins  |
November 12, 2024
Mint Mumbai

Forex card vs debit card: How to lower cross-border markup fees

Unlike debit cards, forex cards are not linked to your bank account, limiting your exposure to fraud and theft

time-read
5 mins  |
November 12, 2024
India must reassess its rejection of the RCEP trade bloc
Mint Mumbai

India must reassess its rejection of the RCEP trade bloc

Joining it can work in our favour as global trade barriers get reshaped and value chains are forged

time-read
4 mins  |
November 12, 2024
Armed hostility between Israel and Iran is very likely to escalate
Mint Mumbai

Armed hostility between Israel and Iran is very likely to escalate

Israel senses a high-risk high-return chance to reshape West Asia that Trump might green-light

time-read
3 mins  |
November 12, 2024