Residual value of LIC stakes rises in leading groups on stock market boom | Company News

Life Insurance Corporation of India (LIC) has taken advantage of the stock market boom by reducing its stakes in all its major conglomerates during the financial year 2023-24 (FY24).

However, even after reducing its exposure, the value of its remaining stake increased significantly across all groups, according to data collected from stock exchange filings.

LIC has the highest exposure to Mukesh Ambani-owned companies, followed by Tata and Adani groups, according to shareholding data till March this year.

As of Friday's close, LIC's investments in major conglomerates stood at Rs 4.39 trillion, up 37.5 per cent from the previous financial year.

LIC's investment in Mukesh Ambani group companies reached a record high of Rs 1.5 trillion, up 34.2 per cent from a year ago.

LIC has reduced its stake in RIL group companies from 6.37% to 6.19%.

The insurer also reduced its stake in Tata group companies to 4.05% in March this year, but saw its value rise to Rs 1.29 trillion. Share data for the June quarter is not yet available.

LIC, now listed, also reduced its stake in Adani group companies from 4.27 per cent to 3.76 per cent. Its stake value reached Rs 64,414 crore on Friday, up 49.2 per cent.

Market analysts said that with the stock market booming, the government should consider selling a portion of its 96.5 per cent stake in LIC to use the proceeds to build world-class infrastructure.

The central government is sitting on a goldmine with its investments in various state-owned companies. If it sells 20-25 per cent of its stake in LIC, it can use the proceeds for infrastructure or other purposes, said Raamdeo Agrawal, co-founder of Motilal Oswal Financial Services.

LIC's total market value stood at Rs 6.42 trillion on Friday.

(With contributions from Sameer Mulgoankar)

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