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    Vikshita Vitthal Gujaran in News

    05-Apr-2023 10:17 AM


    Contrarian bets earn LIC gains of ₹ 65,500cr from top 10 firms

    Life Insurance Corp. of India (LIC), the country’s largest investor in public markets, has recorded a ₹65,500 crore gain in market value from its investments in the top 10 publicly traded companies in the year ended 31 March, outperforming the benchmark indices.
    LIC’s contrarian investment approach has enabled the insurer to register gains even amid a market decline, a feat that many fund managers might struggle to replicate, said a Mumbai-based analyst who declined to be named.
    Based on the net change in the annual volume-weighted average price of LIC’s equity holdings during FY23, the insurer accrued a net gain of at least ₹65,494 crore from India’s top 10 listed companies.
    Compared to FY22, LIC’s investment value in Reliance Industries rose by ₹13,121.4 crore, ITC Ltd surged by ₹17,994 crore, and TCS reported a gain of ₹5,926.7 crore.
    An email sent to a spokesperson for LIC remained unanswered.
    LIC’s record investment plan comes at a time foreign investors are pulling out of most emerging markets, including India, because of a risk-off sentiment.

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