LIC got 59 percent profit on investment in Adani shares
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New Delhi. Public sector insurance company LIC has registered a profit of 59 percent in the value of its investments made in Adani Group companies in the financial year 2023-24. The group’s shares made a strong comeback after they were hit by a report from US short seller Hindenburg. According to stock market data, LIC’s total investment in seven Adani Group companies 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 after allegations of manipulation in Adani shares in the Hindenburg Report. However, Adani had termed the report as completely false. 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, several 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.
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 a year later. 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 Ltd more than doubled in a year to Rs 3,937.62 crore.
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