Life Insurance Corp. of India (LIC), the largest insurance company in the country, raised its stake in publicly listed companies on the NSE to 3.97% in the April – June period.LIC holding in 292 companies listed on the National Stock Exchange were at 3.88% in the March quarter on an aggregate basis by value percentage. In value terms, the PSUs holding was at₹5.40 trillion in June end, showing a rise of 26.93% over the last quarter.In the June quarter, LIC increased its stake in Dredging Corp. of India, GAIL, Havells India, Bata and Tata Steel, data shows. Companies in which LIC reduced its stake include Britannia Industries, Western India Plywoods, Dr Reddy’s Laboratories.“The first year premium growth for LIC was 81.2% in Q1FY20, compared to a drop of 18.5% in Q1FY21. On the other hand, private companies reported growth of 32% in Q1FY20, compared to a drop of 19.2% in Q1FY21 till May,” said Care Ratings. SEBI has imposed penalty on LIC for not adhering to mutual fund norms. Read here.
