Life Insurance Corporation of India has bought lots of banking stocks when markets plunged sharply in October and November. Now, LIC''s stake stands at five per cent in three public sector banks that is State Bank of India, Bank of India and Allahabad Bank.
During October-November, LIC bought 1.67 crore shares representing 2.64 per cent stake of SBI from the secondary market. LIC hiked its stake from 4.40 per cent as of September 30 to 7.04 per cent as on November 18, 2008. The shares of SBI, the largest public sector bank, had dipped to 52-week low of Rs 991 on October 27 in intra-day trading and closed at Rs 1056. LIC held 3.62 per cent stake in SBI as on December 31, 2007 and it went up by less than one per cent till September 30, 2008 to 4.40 per cent.
LIC also purchased 9.6 lakh shares of Bank of India on November 11, 2008 raising its stake to 5.14 per cent. In Allahabad Bank, it has bought over 1.09 crore shares, or 1.45 per cent stake, taking its stake to 8.84 per cent as on November 12, as compared to 6.39 per cent as on September 30, 2008. In addition, LIC has hiked its stake in FMCG major Dabur India to 5 per cent from 4.24 per cent.
During October-November, LIC bought 1.67 crore shares representing 2.64 per cent stake of SBI from the secondary market. LIC hiked its stake from 4.40 per cent as of September 30 to 7.04 per cent as on November 18, 2008. The shares of SBI, the largest public sector bank, had dipped to 52-week low of Rs 991 on October 27 in intra-day trading and closed at Rs 1056. LIC held 3.62 per cent stake in SBI as on December 31, 2007 and it went up by less than one per cent till September 30, 2008 to 4.40 per cent.
LIC also purchased 9.6 lakh shares of Bank of India on November 11, 2008 raising its stake to 5.14 per cent. In Allahabad Bank, it has bought over 1.09 crore shares, or 1.45 per cent stake, taking its stake to 8.84 per cent as on November 12, as compared to 6.39 per cent as on September 30, 2008. In addition, LIC has hiked its stake in FMCG major Dabur India to 5 per cent from 4.24 per cent.
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