LIC Tilts Toward IT in December Quarter, Trims Banks and Heavy Industry

Overview

• LIC lifted its technology holdings to Rs 2.17 lakh crore from Rs 1.82 lakh crore, taking IT’s share of the portfolio to 12.43% from 11.32%.
• The insurer bought an estimated Rs 3,136 crore of TCS and Rs 2,293 crore of HCL Technologies, and raised its Coforge stake to 4.66% from under 1%.
• Banking reductions were led by sales of Rs 3,080 crore in SBI, Rs 1,528 crore in HDFC Bank, and Rs 1,173 crore in Bank of Baroda.
• Industrial, energy and metals trims included Rs 2,442 crore in L&T, Rs 2,367 crore in Reliance, Rs 2,307 crore in Hindalco, Rs 1,491 crore in Vedanta, and a SAIL stake cut to 9.18% from 10%.
• Outside IT, LIC bought Rs 2,942 crore of Sun Pharma and added to NMDC, Bajaj Auto and Coal India, increasing stakes in 73 NSE-listed companies and reducing in 90 as part of a measured accumulation approach.