LIC cuts exposure in equities
February 19, 2013  15:28
State-run Life Insurance Corp of India, a major domestic institutional investor, sold shares worth Rs 12,600 crore (about $2.32 billion) in companies related to financial, auto and pharma sectors in the October-December quarter of the current fiscal.
At the same time, LIC acquired shares worth about Rs 3,877 crore (about $714 million) in energy, metal and mining and software companies, the global research report by BofA-Merrill Lynch said.
LIC sold shares of private lenders -- Axis Bank, HDFC Bank and ICICI Bank-- drug major Sun Pharma and auto firm Mahindra & Mahindra, while bought shares of energy companies -- Reliance Power, Cairn India and Reliance Industries -- IT giant Infosys, and FMCG firm ITC.
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