Adani Group’s shares made LIC wealthy, bumper incomes of hundreds of crores – India TV Hindi

Adani Group LIC has made bumper earnings by investing within the shares of LIC. Allow us to inform you that public sector insurance coverage firm LIC has registered a revenue of 59 p.c within the worth of its investments made in Adani Group firms within the monetary yr 2023-24. The group’s shares made a powerful comeback after they have been hit by a report from US brief vendor Hindenburg. In keeping with inventory market information, LIC’s whole funding in seven Adani Group firms elevated from Rs 38,471 crore on March 31, 2023, to Rs 61,210 crore on March 31, 2024. A rise of Rs 22,378 crore was recorded on this.

There was a giant decline after the Hindenburg report

Final yr, the insurance coverage firm additionally confronted questions over its determination to spend money on the group after the Hindenburg Report alleged manipulation in Adani’s shares. Nevertheless, Adani had termed the report as fully false. Going through political strain, LIC had strategically decreased its funding in two key group firms – Adani Ports & SEZ and Adani Enterprises. Shares of those two firms rose by 83 p.c and 68.4 p.c respectively. In keeping with inventory market information, regardless of decreasing funding, LIC made a revenue of 59 p.c on its funding in Adani Group within the monetary yr 2023-24.

Huge overseas firms invested

Throughout this era, a number of overseas traders – Qatar Funding Authority, Abu Dhabi-based IHC, French large Complete Vitality and US-based GQG Investments – invested about Rs 45,000 crore in Adani group firms. In keeping with the information, LIC’s funding in Adani Enterprise Restricted elevated from Rs 8,495.31 crore on March 31, 2023, to Rs 14,305.53 crore a yr later. Throughout this era, funding in Adani Ports and SEZ elevated from Rs 12,450.09 crore to Rs 22,776.89 crore. LIC’s funding in Adani Inexperienced Vitality Ltd greater than doubled in a yr to Rs 3,937.62 crore.

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