LIC ups Infosys stake by over 2%; buys shares worth Rs 3K crore
   
Quotes

LIC ups Infosys stake by over 2%; buys shares worth Rs 3K crore

Last Updated: Wednesday, January 9, 2013, 12:12
 
 Comment 0
 
LIC ups Infosys stake by over 2%; buys shares worth Rs 3K crore
New Delhi: State-run insurer LIC has hiked its stake in Infosys to 7.24 percent, raising its holding in the IT major for third straight quarter with an estimated purchase of shares worth over Rs 3,000 crore.

Life Insurance Corporation (LIC), which figures among the country's biggest institutional investors in stock market, held 4.92 percent stake in Infosys at the beginning of the current fiscal on April 1, 2012, which has now risen to 7.24 percent.

LIC's Infosys holding has gone up during all the three quarters so far in the current fiscal 2012-13, as per the IT firm's latest shareholding pattern data.

Taking into account the average market value of Infosys shares, the 2.32 percent increase in LIC's holding in the company would be worth an estimated Rs 3,300 crore.

Infosys shares have been on a highly volatile path during the past few quarters amid an overall slowdown in the Indian IT sector, while questions have also been raised about the company's bellwether status for the industry.

Its stock has moved in a wide range from near Rs 2,100 level to close to Rs 3,000 per share in the past one year and is currently trading near Rs 2,350.

In the last quarter of previous fiscal, January-March 2012, LIC had pared its holding marginally from 5.17 percent to 4.92 percent. However, it rose to 6.28 percent in the April-June quarter of 2012, while it went up further to 6.60 percent in the July-September quarter, before rising to 7.24 percent as on December 31, 2012.

Despite a decline in the first quarter of calendar year 2012, LIC's holding in Infosys rose by 2.07 percent during the entire year.

Besides LIC, a number of other large investors also hiked their stake in Infosys during 2012. These include foreign funds like Oppenheimer, Franklin Templeton, Aberdeen and Vanguard.

At the same time, Abu Dhabi Investment Authority and Government of Singapore have marginally pared their holdings from 2.13 percent to 2.06 percent, and from 1.35 percent to 1.31 percent respectively.

Among Indian investors, HDFC Trustee raised its stake from 1.24 percent to 1.42 percent, while ICICI Prudential Life Insurance cut its holding from 1.92 percent to 1.35 percent during 2012.

Overall, FIIs raised their stake from 37.36 percent to 40.55 percent, while domestic institutional investors also hiked their holding from 17.49 percent to 18.70 percent.

PTI



First Published: Wednesday, January 9, 2013, 12:12


Comments


comments powered by Disqus
Ford Figo Aspire
Ford Figo Aspire
Samsung Galaxy S6 Edge Plus, Note 5
Samsung Galaxy S6 Edge Plus, Note 5
Maruti Suzuki S-Cross
Maruti Suzuki S-Cross
Mahindra New Thar CRDe
Mahindra New Thar CRDe
New Generation Scorpio
New Generation Scorpio

Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved