About Me

My photo
Trichy, Tamil Nadu, India
Working as an Assistant in LIC of India, Rockfort BO, Trichy, TN. Having a strong belief that LIC's welfare is our welfare and always trying to work towards that. Also functioning as an office bearer of AIIEA Thanjavur Division.

Friday, September 4, 2015

Rs.161.75 Crore profit in one day

Source: The Financial Express
IOC share jumped 4.36% in volatile trade on Tuesday, reflecting a mark-to-market gain of Rs 161.75 crore on LIC’s investment.


Life Insurance Corporation (LIC) of India acquired a “substantial” quantum of shares in the Indian Oil Corporation (IOC) offering on Monday, valuing the investment in the state-owned refiner at Rs 8,077 crore, showed stock exchange disclosures.
The insurance behemoth purchased 20.87 crore shares, representing an 8.59% stake, in the secondary market offering that saw lukewarm response from foreign institutions and retail investors amid a rout in global equities. LIC’s stake in IOC will now rise to 11.11% from 2.52% earlier.
After the stake sale, the government’s stake sale drops to 58.57%. The government sold 10% of the equity capital of the oil refiner at a floor price of Rs 387 per share, mopping up more than
Rs 11,000 crore, with the issue subscribed 1.18 times. The government’s collections from selling minority stakes in public sector companies now stand at nearly Rs 13,000 crore.
Interestingly, the IOC share jumped 4.36% in volatile trade on Tuesday, reflecting a mark-to-market gain of Rs 161.75 crore on LIC’ investment. On Monday, the IOC scrip declined 4.11%, while stocks of other refiners and energy companies fell even more with some hitting 52-week lows as global financial markets took a beating over concerns of economic growth in China.
In the past, LIC has featured as the single biggest investor in many PSU auctions. In January 2015, LIC acquired 45% in Coal India’s Rs 22,557-crore offering. In December 2014, LIC took up more than 72% of the shares offered in the Steel Authority of India (SAIL) auction. SAIL’s 5.82% stake sale (first tranche) in March 2013 also saw LIC acquire nearly 70.6% of the shares on offer, and more than two-thirds of the shares offered in the second tranche of Hindustan Copper’s disinvestment in July 2013.
After Monday’s stake sale in IOC, the government will look to sell minority stakes in ONGC, NTPC, NMDC, BHEL, Bharat Electronics and Oil India, among others. In addition, the department of disinvestment (DoD) has also proposed to conduct a follow-on offer in CPSE ETFs to meet its record disinvestment target of Rs 69,500 crore. In the previous fiscal, the government had set a target of Rs 63,425 crore, which was revised down to Rs 36,925 crore, but managed to raise only Rs 24,277 crore, DoD data showed.

3 comments:

  1. LIC is a govt owned organisation & as per your blog it is a big profit in one day.
    Now i will go in LIC.

    Thanks

    ReplyDelete
  2. MONEY BACK PLANS

    One of the significant features of this type of money back policies is that in the case of death at any time within the tenure of the policy, the death claim will include full sum assured without deducting any of the survival benefit amounts, which have already been paid. In addition, the bonus is also calculated on the full sum assured. In case of twenty-year Money back plan, twenty percent of the sum is assured to be payable each after five, ten and fifteen years and the remaining balance is payable after 20 year.

    ReplyDelete
  3. Do you need LIC Software For your Computer?
    Try Ulkaria LIC Software for free for 20 days
    http://ulkaria.com/
    LIC Software
    Ulkaria LIC Software
    LIC Agent Software
    Software For LIC Agent
    #LIC_Software
    #LIC_Agent_Software
    #software_For_LIC_Agent

    ReplyDelete