LIC has purchased shares worth over $2 billion (about Rs 11,000 crore) in Indian companies - mostly in sectors like utilities, energy and software - during the April-June period, according to a report by BofA-Merrill Lynch.

At the same time, Life Insurance Company (LIC), also among the biggest investors in the stock market, sold shares in media/hotels and consumer good firms worth $115 million (about Rs 638 crore).

It purchased shares of state-run NTPC; software firms - Infosys and Tata Consultancy services; energy giants - Reliance Industries and Cairn India. LIC offloaded shares of auto maker Tata Motors and private sector lender HDFC Bank.

As per BofA-Merrill Lynch Global Research report, LIC’s major investment during the quarter included NTPC ($531 million), Infosys ($356 million), RIL ($269 million), Cairn India ($221 million) and Bajaj Auto ($199 million).

On the other hand, LIC lowered its exposure to companies like Tata Motors (selling shares with estimated value of ($58 million), Syndicate Bank ($49 million), Hindustan Unilever ($45 million), Allahabad Bank ($32 million) and HDFC Bank ($23 million).

The report indicates that overall LIC has emerged as net buyer during the April-June quarter and most of the investment was in private sector firms.

In terms of sectors, LIC investments in the utilities portfolio stood at $523 million, followed by software $490 million, energy ($487 million), auto ($241 million), industrial ($102 million), telecom ($77 million), pharma ($ 46 million), financials ($45 million), metals and mining ($15 million).

In contrast, the insurance giant offloaded shares valued at $93 million in the consumer goods sector, $13 million in media/hotel category and $9 million in cement sector.

Financial sector accounted for 25 per cent of LIC’s total equity portfolio in the country followed by energy 15 per cent, consumer goods 12 per cent and industrial space 10 per cent.

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