Business India

LIC purchases larger stocks of Infosys; invests worth Rs 1,100 crores

During Apri-June quarter,LIC, Life Insurance Corporation has increased its stake with buying of shares worth Rs 1100 crores from It Giant,Infosys . With increase of investment upto 3.82 % in stocks. In previous quarters LIC had lowered its stake in software services.

With recent reforms in Infosys top level management and appointment of Sikka as new CEO and company assuring better prospectus with technological upgrades have increased investors interest in the company.

Life Insurance Corporation of India, the biggest institutional investor in the stock market, which held 3.25 per cent stake in Infosys during the January-March quarter, has increased holding to 3.82 per cent as of June 30, 2014.

However, LIC held 6.72 per cent stake in IT firm at the end of June 30, 2013.

Taking into account the current market value of Infosys shares, the 0.57 per cent hike in LIC’s holding in the company would be worth about Rs 1,100 crore. Infosys shares closed at Rs 3,325.80 on Friday.

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