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ICICI Pru Life turns to IT, pharma after risky telecom bet payoff

Analysts say Jio's surprise decision to raise tariffs last month signals an end to the competitive price-cutting war

Reuters  |  Mumbai 

Fund managers at India's largest private sector life insurer, ICICI Prudential Life Insurance, are turning their attention to the technology and pharmaceutical sectors following bumper payoffs from a contrarian bet on the country's telecommunications sector. ICICI Pru Life's Chief Investment Officer, Manish Kumar, said he kept buying telecoms shares this year even as a bruising price war and plunging profits forced several other investors to cut their exposure to the sector. Kumar's investment was unorthodox as insurers' exposure limits give them little elbow ...

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First Published: Tue, November 07 2017. 23:19 IST