LIC increased its stake in Union Bank of India by 2 percent. After this, LIC’s stake in UBI has now increased to 5.06 per cent.
Life Insurance Corporation of India
The country’s largest insurance company Life Insurance Corporation of India (LIC) has invested in the government bank Union Bank of India. LIC increased its stake in Union Bank of India by 2 percent. After this, LIC’s stake in UBI has now increased to 5.06 per cent. Earlier, LIC had a 3.09 per cent stake in UBI. Accordingly, LIC had 19,79,23,251 equity shares of the bank. LIC gave this information to the stock exchange through Union Bank of India.
After increasing the stake in UBI to 5.06 per cent, LIC now has 34,57,64,764 shares of the bank. The country’s largest company bought 14,78,41,513 shares of the bank on Friday.
1,447.17 crores raised from QIP
Union Bank of India has raised Rs 1,447.17 crore on Thursday through Qualified Institutional Placement (QIP). Let us know that LIC is also preparing to bring its IPO this year, so that the target of disinvestment of the Central Government for FY22 can be met.
Record earnings from share sales for the first time in 65 years
LIC has made a record profit of Rs 37,000 crore from the sale of shares in the financial year 2020-21. This is the highest in the history of 65 years. LIC has the advantage of reaching a record high of the stock market.
In the financial year 2019-20, LIC earned a profit of Rs 25,625 crore from the share sale. In 2020-21, it earned 44 per cent more than Rs 37,000 crore. During the financial year, India’s largest institutional investor bought shares worth 94,000 crore rupees, the highest ever.
LIC Largest Investor
India’s largest life insurer is also the largest investor in its markets. It is managing assets worth about Rs 34 lakh crore. It has been the biggest financial supporter of the government, especially in its disinvestment programs.
LIC earns primarily from the sale of shares, non-linked portfolios which include traditional life insurance policies.
Huge money spent here
LIC has drastically reduced its risk in the infrastructure industry, one of the most affected sectors. LIC’s investment in infrastructure sector has come down from Rs 24,000 crore in March 2020 to only Rs 4,100 crore. LIC’s investment in IT and software sector has come down from Rs 55,000 crore in March 2020 to Rs 11,600 crore now.
On the other hand, the pharma sector which has grown due to the epidemic has attracted LIC the most as an investor. Its investment in pharma is more than Rs 37,000 crore as against Rs 17,700 crore last year.
Apart from this, last March, the investment in the FMCG industry has been increased from Rs 15,000 crore to about Rs 50,000 crore.
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