Top 10 stocks where LIC’s holdings declined in Q3
Life Insurance Corporation of India (LIC), the state-run insurance giant, is also one of the largest investors in Indian equities. LIC’s holding across 268 companies, in which it holds over 1% stake, rose to 3.95% as of December 2022, as per a report by Economic Times.
In the quarter ended December 2022, the insurance company reduced its stake in 108 companies. These also include a number of large-cap companies that have witnessed a reduction of LIC’s stake. Here are the top 10 companies that saw a decrease in LIC’s holdings.
LIC reduced its stake in Titan Company from Rs 7,551 crore to Rs 5,330 crore. At the end of Q3FY23, LIC cut its holding in the jewellery maker by Rs 2,221 crore.
Hindustan Unilever Ltd
FMCG giant Hindustan Unilever Ltd (HUL) saw a reduction of LIC’s stake in the quarter ending December 2022. LIC’s stake in HUL at the end of Q3FY23 was Rs 26,169 crore, down by Rs 4,092 crore from Rs 30,261 crore in the September quarter.
Adani Transmission, one of the companies of the Adani Group also saw LIC decreasing its holdings. At the end of December, LIC’s holdings in Adani Transmission was down by Rs 2,174 crore to Rs 10,532 crore.
LIC reduced its stake in the state-owned NTPC by Rs 2,136 crore. At the end of December, LIC’s stake in NTPC was worth Rs 11,197 crore as compared to Rs 13,332 crore in the previous quarter.
Mahindra and Mahindra
LIC’s holdings in automobile major Mahindra and Mahindra (M&M) came down from Rs 9,388 crore to Rs 7,867 crore, a decline of Rs 1,521 crore.
Maruti Suzuki India
LIC also reduced its stake in another automobile company Maruti Suzuki India during the quarter ended December 2022. At the end of Q3FY23, LIC’s stake was valued at Rs 7,154 crore compared to Rs 9,152 crore at the end of the September quarter.
PowerGrid Corporation of India
LIC’s holding in PowerGrid Corporation of India reduced by Rs 1,409 crore in the quarter under review. At the end of Q3, LIC’s stake in the state-run PowerGrid Corporation was valued at Rs 3,617 crore.
Bajaj Finserv also saw a reduction in LIC’s holdings as it came down from Rs 4,341 crore in the September quarter to Rs 3,054 crore as of December 2022.
Sun Pharmaceuticals Industries
LIC pared stakes in pharma major Sun Pharmaceutical Industries as its holdings came down by Rs 1,221 crore at the end of Q3 to Rs 8,756 crore from Rs 9,977 crore as of September 2022.
LIC also reduced its stake in state-owned Bharat Petroleum Corporation Ltd (BPCL). Since the holdings of LIC in the company were below 1% at the end of Q3, data for the same is not available.
In the week ended on February 10, the US crude inventories rose by 10.5 million barrels according to the figures posted by the American Petroleum Institute.
The shares of the new-age companies have seen a sharp fall from their issue price as overvaluation worries continue to upset investors. The December quarter earnings also do not paint a good picture of the future of these stocks.