LIC reduces stake in Infosys to 5.96%

18 Apr 2013

State-run insurer Life Insurance Corporation of India (LIC) has pruned its stake in Infosys on March 31 2013 to 5.96% from 7.24% in December quarter. Taking into account the average market value of Infosys shares, the 1.28% decline in LIC's holding in the company would be worth about Rs 2,000 crore.

The insurer's holding in Infosys had increased during the preceding three quarters. LIC held 4.92% stake in the company at the beginning of FY12-13.

Recently, the company, on the consolidated basis, reported a rise of 3.37% in its net profit at Rs 2394 crore in quarter under review as compared to Rs 2316 crore in same period previous year. Total income on consolidated basis increased 17.09% to Rs 11128 crore as against Rs 9504 crore in a year ago period.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323