LIC cuts stake in top conglomerates in FY24; value rises to Rs 4.39 trillion | Corporate News

The value of LIC’s investments in Mukesh Ambani group companies was the highest at Rs 1.5 trillion, up 34.2 percent year-on-year. LIC reduced its stake in RIL group companies to 6.19 percent from 6.37 percent. LIC also reduced its stake in Tata group companies to 4.05 percent in March this year, but managed to increase its value to Rs 1.29 trillion. Shareholding data for the June quarter is not yet available.

LIC, which is now listed on the stock exchange, also reduced its stake in Adani group companies from 4.27 percent to 3.76 percent. The value of its stake rose to Rs 64,414 crore as of Friday, up 49.2 percent.

Market analysts say that with the stock market booming, the government should consider selling part of its 96.5 percent stake in LIC to use the proceeds to build world-class infrastructure. “The Indian government is sitting on a gold mine with its investments in various public sector companies. If it sells 20-25 percent of its stake in LIC, it can use the proceeds to build infrastructure or for other purposes,” said Raamdeo Agrawal, co-founder of Motilal Oswal Financial Services, a Mumbai-based stock broking and financial services firm.

LIC had a total market capitalization of Rs 6.42 trillion on Friday.

(With contributions from Sameer Mulgoankar)