New Delhi, Aug 17: With markets looking up, Life Insurance Corporation plans to step up its exposure in equities by over 25 per cent to Rs 6,000 crore this fiscal, depending on the availability of attractive stocks. The country's leading fi also plans to invest about Rs 7,000 crore in infrastructure projects in 2003-04, LIC chairman S B Mathur told here.
"Our equity investments may go up to Rs 5,000-6,000 crore this fiscal depending on availability of good stocks. Last fiscal, we invested Rs 4,000 crore in equities," he said.
He did not rule out investing in good bank stocks but said LIC will not take up strategic stake in any other bank before it sees benefits coming out of its investment in Corporation Bank.
"We have equity stakes in all banks. But there is no plan to pick up strategic stake in any bank right now," Mathur said.
LIC has over 14 per cent stake in Corporation Bank and about 9.0 per cent in oriental bank of commerce. The FI was one of the promoters in UTI Bank.
LIC has interest mainly in old economy stocks and has been a major market mover in the last few years.
The plans to step up investments in equities also coincides with the rise in sensex in last few months. Bureau Report