LIC cuts stakes in major PSU stocks
During the last year, the average holding in 20 PSBs has come down to 11.9% from 12.7%.
The Insurer-giant PSU LIC has reduced its stakes in the largest investor in State-owned Banks and OMCs, trimming its exposure on PSUs. During the last year, the average holding in 20 PSBs has come down to 11.9% from 12.7%.
On an average period of two years, LIC has reduced its stake in most of public sector banks (PSBs) with Bank of Baroda seeing the biggest reduction of nearly five percentage points (ppts) since June 2015.
Read Also : NLCIL to declare Final Dividend, and Q4 results on May 15This was followed by United Bank of India where the insurer reduced its exposure by another 4.82 ppts.
The largest domestic institutional investor and profit-maker LIC has reduced ownership in at least 80 stocks, including 16 PSUs, in the March quarter with the market value of its portfolio surging to Rs 14 lakh crore.
Some relevant sectors that seek cutting stakes are, BHEL, SAIL, Coal India, Oil India, Mahanagar Gas, MOIL, SBI, Canara Bank, HPCL, NMDC Steel, NMDC, Shipping Corporation, IOC, Container Corporation Of India, ONGC and NTPC in the recent quarter-end period.
Read Also : Sitharaman administers Oath of Office to Justice (Retd.) Sanjaya Kumar Mishra as first President of GST Appellate TribunalThe combined market capitalization of PSU stocks is calculated around Rs 67 lakh crore, which approximately accounts for 17% of India’s total market capitalization, up from Rs 37 lakh crore in FY23.
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