Life Insurance Corp of India, the government's institution of choice to stabilise the stock market whenever it gets wobbly, has more than doubled stock purchases in the last three days

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LIC buys double as global debt worry-triggered selloff makes valuations attractive

Shilpy Sinha, ET Bureau Aug 10, 2011, 01.30am IST

MUMBAI: Life Insurance Corp of India, the government's institution of choice to stabilise the stock market whenever it gets wobbly, has more than doubled stock purchases in the last three days as the global debt worry-triggered selloff made valuations attractive.

LIC, the country's biggest investor with stakes in L&T, Axis Bank and Grasim, will raise its secondary market purchases this fiscal as IPOs dry up with promoters not keen to sell shares at lower valuations. "We have been buying in the past few days," said a LIC executive involved in decision making.

"With the market correcting and not many public issues coming up, we would be investing more in secondary market," said the person who did not want to be identified.

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