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LIC raises Rs 8,800 cr from stake sale in 17 Sensex companies

By Religare
LIC raises Rs 8,800 cr from stake sale in Sensex companies
Public sector insurance major Life Insurance Corporation (LIC) divested some of its stake in 17 Sensex companies in the three months ended 31 March, 2013.

LIC garnered more than Rs 8,800 crore from share sales in 17 blue-chips last quarter while it raised its stake in nine Sensex companies.

The state-run life insurer reduced its exposure in Reliance Industries Limited, Infosys, ONGC, State Bank of India, HDFC Bank and Tata Motors among other blue chip stocks in the January- March quarter, reaping Rs 8,865 crore.

In the three months ended March 31, 2013, the Sensex fell 3 per cent or 591 points.

The insurer also sold some of its shares in auto majors Bajaj Auto, Mahindra & Mahindra and Maruti Suzuki and drug companies Sun Pharma and Cipla apart from FMCG giant Hindustan Unilever and Larsen & Toubro. The state-run insurer reduced exposure by more than 1 percentage point in Infosys, Sun Pharma and Tata Motors while it increase its stake by a minimum 1 percentage point in NTPC, Hero MotoCorp and Coal India.

It also increased stake in Bharti Airtel, Wipro, Hindalco, GAIL, ITC and HDFC last quarter.

During the last quarter, it bought shares worth about Rs 6,200 crore in nine blue-chip companies.

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