LIC to invest Rs 1 lakh crore in stock market in 2009-10
NEW DELHI: State-run life insurance major LIC on Thursday said it will invest Rs 1 lakh crore in the equity market in the current fiscal, up from Rs 35,000 crore during 2008-09.
“We have already invested Rs 40,000 crore in the stock market in the first four months of the current fiscal and by March 2010 the company would invest Rs 1 lakh crore in the stock market,” LIC Zonal Manager (North) Vinay Kumar Sinha told reporters here.
LIC had invested about Rs 35,000 crore in equity market during 2008-09, he said.
Such a large investment by the country’s biggest domestic financial institution will boost the sentiments at bourses, which witnessed volatility, especially after the collapse of Lehman Brothers in America last year.
Having crossed the 21,000 points mark in January 2008, the Bombay Stock Exchange
benchmark index (Sensex) nosedived to around 8,000 points last year itself.
source: Economictimes
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