LIC pares stake in Siemens, DCM

Life Insurance Corporation of India (LIC) disclosed that it decreased its stake in Siemens to 3.130% from 5.170% and in DCM to 4.210% from 6.295% earlier.

LIC sold 72,66,765‬ shares, or 2.040% equity, of Siemens at an average cost of Rs 2,819.26 via open market purchase during the period from 18 July 2022 to 24 November 2022.

LIC sold 3,89,449‬ shares, or 2.085% equity, of DCM at an average cost of Rs 78.05 via open market purchase during the period from 24 January 2018 to 24 November 2022..

Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power.

DCM is primarily engaged in the manufacturing of textiles, grey iron casting, it infrastructure service and real estate activities.

LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country. Shares of LIC debuted on the bourses on 17 May 2022. The scrip was listed at Rs 867.20, representing an 8.62% discount to the issue price of Rs 949.

On the BSE, LIC was up 0.75% at Rs 632.55, Siemens rose 0.54% to Rs 2,793.80 and DCM gained 3.98% to Rs 77.

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