The Life Insurance Corporation of India (LIC), India’s biggest institutional investor was on a shopping spree in the fourth quarter of FY23. Data from the exchanges showed that it has increased its stake in at least five blue chip companies in the January to March quarter of 2023 (Q4FY23).
Tata Power Company Ltd
LIC had a 6.82% stake or 21,80,47,383 shares in the Tata Group company in the December quarter (Q3FY23). It increased its stake to 7.52% or 24,01,67,154 shares in the March quarter (Q4FY23).
Tata Power is a large-cap blue chip company with a market capitalization of ₹ 64,770 crores and its shares were trading at ₹ 203.20 apiece at 09:45 AM on Wednesday. The company is engaged in electric power generation, transmission and distribution.
Infosys Ltd
The insurance behemoth had a 7.71% stake or 28,13,85,267 shares in the IT company in the December quarter. It increased its stake to 8.19% or 29,82,44,977 shares in the March quarter.
Infosys is engaged in the businesses of consulting, technology, outsourcing and next-generation digital services. With a market capitalization of ₹ 5,23,603 crores, it is a large-cap blue chip stock, and its shares were trading at ₹ 1263.05 apiece.
Oil and Natural Gas Corporation Ltd
The institutional investor had a 9.75% stake or 1,22,68,32,121 shares in the oil and gas company in the December quarter. It increased its stake to 9.90% or 1,24,55,39,121 shares in the March quarter.
ONGC is engaged in the business of exploration, development and production of crude oil, natural gas and value-added products. With a market capitalization of ₹ 2,07,575 crores, it is a large-cap blue chip stock, and its shares were trading at ₹ 166.10 apiece.
Reliance Industries Ltd
LIC had a 6.53% stake or 42,97,51,160 shares in the Mukesh Ambani-led company in the December quarter. It increased its stake to 6.59% or 43,41,84,326 shares in the March quarter.
Reliance Industries operates in the Oil to Chemicals(O2C), oil-to-gas, retail, digital services and financial services segments. With a market capitalization of ₹ 16,72,387 crores, it is a large-cap blue chip stock, and its shares were trading at ₹ 2492.05 apiece.
Tata Consultancy Services Ltd
The insurance behemoth had a 4.41% stake or 16,14,64,211 shares in the IT major in the December quarter. It increased its stake to 4.47% or 16,34,27,223 shares in the March quarter.
TCS is the flagship company of the Tata Group and it provides information technology (IT) services, digital and business solutions. With a market capitalization of ₹ 11,89,411 crores, it is a large-cap blue chip stock, and its shares were trading at ₹ 3275 apiece.
Written by Simran Bafna
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