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Budget News

  • LIC's investment in Adani shares rose 59% to Rs 61,210 crore in FY24.
  • April 14,2024  14:23

  • LIC, the state-owned insurance behemoth, has seen a 59% rise in value of its investments in Adani group companies in 2023-24 fiscal year.

    The value of LIC's investment in seven companies of the Adani group has soared from Rs 38,471 crore as on March 31, 2023 to Rs 61,210 crore on March 31, 2024, registering an increase of Rs 22,378 crore, according to stock exchange data.

    Last year, the insurance giant faced intense scrutiny over its decision to invest in the Adani group amidst a political meltdown after allegations of stock manipulation sparked by Hindenburg report.

    Shares of the Adani Group, which fell around USD 150 billion from their lowest point, have staged a remarkable comeback fueled by strong profit growth across its various businesses.

    Facing political pressure, LIC strategically reduced its exposure to two of the group's flagship companies Adani Ports & SEZ and Adani Enterprises only to witness their shares surge by an impressive 83% and 68.4%, respectively. Despite trimming its ownership, LIC investments saw a 59% surge in value in FY24, according to stock exchange data.

    LIC's investment in Adani Enterprise Ltd soared from Rs 8,495.31 crore as on March 31, 2023 to Rs 14,305.53 crore a year later, the data showed.

    Adani Ports and SEZ increased from Rs 12,450.09 crore to Rs 22,776.89 crore as on March 31, 2024.
    LIC's investment in Adani Green Energy Ltd saw huge jump, value more than doubling to Rs 3,937.62 crore in one year.

    The insurer also saw value appreciation of its investments in Adani Total Gas Ltd, Ambuja Cements and ACC.

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