In a notable shift of investment strategy in October, four major Indian life insurance companies - ICICI Prudential Life, HDFC Life, Tata AIA Life Insurance, and Kotak Life Insurance - made significant adjustments to their portfolios. The firms increased their stakes in a range of companies including HDFC Bank, DMart, Navin Fluorine, Kansai Nerolac Paints, IndusInd Bank, Astra Microwave, Page Industries, and Cholamandalam Finance.
The insurers bought 9,21,97,000 shares in HDFC Bank and 34,12,000 shares in DMart. Additionally, they invested Rs 208 crore ($28 million) in Navin Fluorine and Rs 160 crore ($21.5 million) in Kansai Nerolac Paints. Investments of Rs 151 crore ($20.3 million) were also made in IndusInd Bank.
Other companies that saw an increase in investments from these insurers include Tata Motors (NYSE:TTM), Dabur India, and Dixon Tech. The insurers also invested in Larsen & Toubro and CDSL.
However, the portfolio adjustments weren't limited to purchases. The insurance companies also reduced their stakes in several firms. They sold off Rs 353 crore ($47.6 million) worth of ITC Ltd shares and Rs 196 crore ($26.4 million) worth of KEI Industries shares. Other companies that saw a reduction in stakes include Britannia Industries Ltd, Hindustan Unilever (LON:ULVR) Ltd, Kotak Mahindra Bank, Mahindra & Mahindra, and Persistent Systems.
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