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LIC Investment in Adani Stocks: LIC’s investment in Adani group companies has again returned to profits after a spectacular rally in Adani group shares this week. The valuation of LIC’s investment in Adani stocks has come down to Rs 39,000 crore, which had come down to around Rs 32,000 crore earlier this week.
Earlier, LIC had said at the end of January 2023 that the insurance company has invested a total of Rs 30,127 crore in Adani group companies. On January 27, the value of LIC’s investment came down to Rs 57,142 crore. Whereas before the arrival of Hindenburg’s report, the value of LIC’s investment in Adani Group’s shares used to be Rs 82000 crore. But according to an estimate, by the 27th of February, the value had come down to around Rs 32,000 crore.
But US-based private equity firm GQG Partners bought shares of four companies of the Adani group in a block deal on Thursday for Rs 15,446 crore, after which the group’s shares have gained tremendous momentum. Adani Group’s promoter company SB Adani Family has sold 21 crore shares in a block deal.
Due to this deal, the value of investment in LIC’s Adani group companies has increased. And now the value of LIC’s investment has reached Rs 39,000 crore. However, it is still Rs 44,000 crore less as compared to January 24. At the same time, there has been a jump of more than Rs 68,200 crore in the market cap of all the companies listed on the stock exchange of Adani Group.
According to BSE data, LIC holds 4.23 per cent stake in Adani Enterprises, 3.65 per cent in Adani Transmission, 5.96 per cent in Adani Total Gas and 1.28 per cent in Adani Green Energy. LIC also has exposure in cement companies of Adani group. SIC holds 6.33 per cent stake in Ambija Cement and 6.41 per cent in ACC. LIC holds 9.14 per cent stake in Adani Ports. Or the data is till 31st December 2020.
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