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LIC books Rs 13,500cr trading profit in April-September period says report
Life Insurance Corporation of India (LIC), the country’s largest institutional investor, has booked a trading profit of at least Rs 13,500 crore from the sale of equity holdings in the first half of the current financial year, as stocks scaled record highs, The figure marked a 23.8% increase over the Rs 10,900 crore in trading profit that LIC earned in April-September 2016 through investment redemptions, sources said.
Since the start of the financial year on April 1, the BSE’s benchmark Sensex index has gained around 13.5% as investors shrugged off an unsettling transition to the Goods & Service Tax (GST) and a delayed corporate earnings recovery, choosing instead to bet on India’s long-term growth potential. As households shifted their savings into financial instruments from traditional avenues such as real estate and gold, domestic mutual funds and insurance companies pumped Rs 61,559 crore into Indian stocks during April-September.
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