LIC increased stake in these 25 firms in Q1FY24. Check out the names here

 

 LIC increased stake in these 25 firms in Q1FY24


During the June quarter, when the benchmark BSE Sensex increased by almost 10%, Life Insurance Corporation of India (LIC), the largest institutional investor in the nation, increased its stake in at least 25 companies from a variety of industries, including chemicals, banks, metals, and information technology, among others. However, the wider BSE MidCap and BSE SmallCap indices saw gains of 20% and 21%, respectively.


According to data, LIC boosted its stake in Tata Chemicals from 4.13 percent to 7.14 percent in Q1FY24. In addition, as of June 30, 2023, it held a 4.04 percent investment in Indian Energy Exchange, up from 2.40 percent on March 31, 2023.


In addition, LIC significantly increased its stake in Gujarat Gas (from 1.67 to 3.22 percent), Atul Ltd (from 2.32 to 3.76 percent), Tech Mahindra (from 8.07 to 9.47 percent), Cipla (from 2.15 to 3.47 percent), and L&T Technology Services (from 4.53 to 5.70 percent).


Vinod TP, Research analyst at Geojit Financial Services, commented on the IT industry, stating that "Indian IT companies are expected to rebound in the next couple of quarters with sustained margins and a growing order book size." The sector is now a desirable long-term investment prospect because its valuation has decreased dramatically by more than one-third.


As of June 30, LIC also owned 1.13 percent and 1.09 percent stakes in SRF and DCB Bank, respectively. The previous quarter ended March 31; the insurance major was not among the big stockholders in these two companies.




JM Financial stated in a research that their outlook for the chemicals industry included the following: "World grain output for MY23/24 is anticipated to be close to a record high, and grain prices are still significantly higher than the 5-year average.

We do not anticipate a problem with demand for agrochemicals, particularly for the patented ones, as the majority of agrochemical consumption (over 40%) is for grains. High crop prices encourage the use of patented agrochemicals. This is encouraging for the agrochemical industries of PI, SRF, and Navin.

Additionally, LIC purchased a stake in Oracle Financial Services Software, Coforge, and Mphasis in the IT sector. On the other side, it increased its holdings in Hindustan Zinc and National Aluminium Company, both of which are in the metal industry.

Other favorites in which LIC bought extra shares included Tata Power Company, Gail (India), IRCTC, Lupin, Marico, HPCL, UPL, Berger Paints, Deepak Nitrite, Bharat Dynamics, Bank of Maharashtra, and Tata Consumer Products.



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