State-run insurer LIC has hiked its stake in Infosys to 7.24 per cent, raising its holding in the IT major for third straight quarter with an estimated purchase of shares worth over Rs 3,000 crore.
Life Insurance Corporation (LIC) - one of India's biggest institutional investors in stock market, held 4.92 per cent stake in Infosys at the beginning of the current fiscal on April 1, 2012, which has now risen to 7.24 per cent. LIC's Infosys holding has gone up during all the three quarters so far in the current fiscal 2012-13, as per the IT firm's latest shareholding pattern data.
Taking into account the average market value of Infosys shares, the 2.32 per cent increase in LIC's holding in the company would be worth an estimated Rs 3,300 crore.
Infosys shares have been highly volatile during the past few quarters amid an overall slowdown in the Indian IT sector.
Infosys shares have moved in a wide range between Rs 2,100 to Rs 3,000 in the past year and are currently trading near Rs 2,350.
LIC had pared its holding in Infosys marginally from 5.17 per cent to 4.92 per cent in the last quarter of previous fiscal. LIC's stake rose to 6.28 per cent in the April-June quarter, 6.60 per cent in the July-September quarter and finally to 7.24 per cent as on December 31, 2012.
Foreign funds like Oppenheimer, Franklin Templeton, Aberdeen and Vanguard have also hiked their stake in Infosys in 2012. However, Abu Dhabi Investment Authority and Government of Singapore have marginally pared their holdings from 2.13 per cent to 2.06 per cent, and from 1.35 per cent to 1.31 per cent respectively.
Among Indian investors, HDFC Trustee raised its stake from 1.24 per cent to 1.42 per cent, while ICICI Prudential Life Insurance cut its holding from 1.92 per cent to 1.35 per cent during 2012.
Overall, FIIs raised their stake from 37.36 per cent to 40.55 per cent, while domestic institutional investors also hiked their holding from 17.49 per cent to 18.70 per cent.