LIC increases its investment in SAIL by 2%
Indian Life Insurance Corporation (LIC) has increased its investment in Steel Authority of India (SAIL) by almost 2%. The investment was raised between October 2021 and March 2023. LIC sent a notice to the stock markets with this information. LIC is the largest domestic institutional investor (DII) in India, investing in various companies listed on the stock market. Meanwhile, SAIL is the largest steel-producing company in the country. Both LIC and SAIL are government-owned companies.
LIC purchased approximately 8.26 crore shares of SAIL for INR 547 crore between October 14, 2022, and June 8, 2023. LIC bought these shares at an average price of INR 66.18 per share. In the meantime, SAIL’s shares fell by 1.31% to close at INR 82.95 on the NSE on Friday. The company’s shares have fallen by about 1.19% in the last month. Meanwhile, the value of its shares has risen by about 13.17% in the last year.
LIC plans to invest INR 2.4 lakh crore this year
Earlier in March, a media report stated that LIC had planned to invest approximately INR 2.4 lakh crore this fiscal year. This investment will be made in non-listed companies doing business in the country, in addition to listed companies on the stock market. This will be the largest investment made by LIC in a single fiscal year.
This investment will not only benefit LIC but also policyholders who invest in the company’s policies. LIC made this investment decision at a time when the stock market has experienced significant volatility in the past few years.
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