Life Insurance Corporation of India (LIC), the largest domestic institutional investor, earned a whopping 72 per cent more profit from its equity play in FY17 at Rs 19,000 crore.
It seems most of the key holdings in LIC’s portfolio delivered handsome returns during the year.
Some of the top stocks in LIC’s portfolio include ITCBSE 1.00 %, ONGCBSE 1.06 %, NHPCBSE 2.56 %, NTPCBSE -0.22 %, SBI, ICICI BankBSE 1.07 %, Coal IndiaBSE 0.83 %, SAILBSE 3.86 % and NMDCBSE 0.55 %.
As of March 31, 2017, LIC was holding nearly 197 crore shares of ITC with a market value of Rs 55,668 crore. In terms of number of shares, LIC held over 115 crore shares of ONGC, 100 crore of NPTC, 94 crore of NHPC, over 70 crore of SBI, 61 crore of ICICI Bank, over 52 crore of Coal India, 49.30 crore of SAIL and over 45 crore of NMDC as of March 31, 2017.
Country’s largest lender State Bank of IndiaBSE -1.17 % (SBI) on Friday reported over two-fold rise in net profit and a 10.80 per cent drop in provisions and contingencies.
On a net basis, non-performing assets (NPAs) of the bank fell to 3.71 per cent from 4.24 per cent in December quarter and 3.71 per cent in the corresponding quarter last year.
Brokerage Sharekhan has a ‘buy’ call on SBI with a target price of Rs 350. “SBI’s strong performance in terms of improved asset quality and traction in loan growth is heartening. In our view, it is time the market begins to delink valuation of better-run PSU banks (with strong business) from that of the PSU bank pack.”
With a current market value of Rs 35,516 crore, Reliance IndustriesBSE 2.83 % (RIL) was second most valued stock in LIC’s portfolio, followed by Larsen & Toubro
Read more at:
http://economictimes.indiatimes.com/articleshow/58819200.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
In FY16, LIC had booked Rs 11,000 crore profit from the market on a total investment of Rs 23 lakh crore.
The recent Sensex rally has helped the insurance behemoth book 19 per cent more profit in March quarter alone. During the April-December period of 2016, it had netted Rs 16,000 crore profit.
Thanks to higher profit from its huge portfolio, LIC has decided to pay 40 per cent higher bonus and dividends to the government and its customers for 2016-17.
