State-run insurer Life Insurance Corporation (LIC) has raised its stake in Infosys to 7.24 per cent, raising its holding in the information technology (IT) major for a third straight quarter, with an estimated purchase of shares worth over Rs3,000 crore. LIC, which figures among the country's biggest institutional investors in the stock market, held 4.92 per cent stake in Infosys at the beginning of the current financial year, which has now risen to 7.24 per cent.
LIC's Infosys holding has gone up during all the three quarters so far in 2012-13, according to 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 Rs3,300 crore.
Infosys shares have been on a highly volatile path during the past few quarters, amid an overall slowdown in the Indian IT sector, while questions have been raised about the company's bellwether status for the sector.