LIC gains ₹21,032cr as Nifty IT rises 19% since end-June
Business
LIC just made a cool ₹21,032 crore in gains in only 35 days by betting big on India's top tech companies.
Thanks to a sharp 19% rise in the Nifty IT Index since the end of June, the value of LIC's IT investments grew from ₹1.05 lakh crore at the end of June to ₹1.26 lakh crore by August 4.
LIC raises TCS, Infosys, HCL stakes
LIC boosted its stakes in big names like Infosys, TCS, and HCL Tech during the June quarter.
TCS led the pack with an increase of ₹8,306 crore, while Infosys and HCL Tech added ₹7,213 crore and ₹5,513 crore respectively.
LIC also trimmed its holdings in Wipro and Tech Mahindra, showing they're picking their bets carefully as analysts say these gains are more about better stock prices than actual profit jumps (for now).