LIC’s bumper earnings, got 59% profit
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LIC-Adani Share Price: Indian stock market has seen tremendous growth in the last one year. Meanwhile, after Gautam Adani got a clean chit in the case of American short seller Hindenburg Report in the year 2024, there has been a tremendous rise in the stocks of his companies. Investors have directly benefited from this boom. Government insurance company Life Insurance Corporation of India (LIC) has also made bumper earnings by investing in Adani Group. According to the report, LIC has registered a profit of 59 percent in the value of its investments made in Adani group companies. According to stock market data, LIC’s total investment in seven companies of Adani Group increased from Rs 38,471 crore on March 31, 2023 to Rs 61,210 crore on March 31, 2024. An increase of Rs 22,378 crore was recorded in this. Last year, the insurance company also faced questions over its decision to invest in the group following allegations of manipulation in Adani’s shares in the Hindenburg report. However, Adani had called the report completely wrong.
Had invested in two companies
Facing political pressure, LIC had strategically reduced its investment in two key group companies – Adani Ports & SEZ and Adani Enterprises. Shares of these two companies rose by 83 percent and 68.4 percent respectively. According to stock market data, despite reducing investment, LIC made a profit of 59 percent on its investment in Adani Group in the financial year 2023-24. During this period, many foreign investors – Qatar Investment Authority, Abu Dhabi-based IHC, French giant Total Energy and US-based GQG Investments invested about Rs 45,000 crore in Adani Group companies.
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how much profit was made
According to the data, LIC’s investment in Adani Enterprise Limited increased from Rs 8,495.31 crore on March 31, 2023 to Rs 14,305.53 crore after a year. During this period, investment in Adani Ports and SEZ increased from Rs 12,450.09 crore to Rs 22,776.89 crore. LIC’s investment in Adani Green Energy Limited more than doubled in a year to Rs 3,937.62 crore.
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