New Delhi: Undeterred by the recent bear phase in the stock markets, India's largest insurer LIC said it would invest up to Rs 10,000 crore in the stock market this fiscal.
"We are likely to invest Rs 9,000-10,000 crore in equities in 2006-07," LIC executive director A K Dasgupta said.
He added that LIC has been investing mostly in blue-chip companies, which are considered as safer options even during a bearish phase in the market.
Asked whether the company was concerned with the recent volatility in the stock markets, he said: "We feel that there are strong fundamentals associated with the market and it will stabilise at good level in the coming times."
LIC, which puts up to 10 per cent of funds that it could invest in equities, was a net buyer during the market crash that started in May.
After launching a unit-linked scheme this month in accordance with the new guidelines, LIC plans to introduce two new products in the next two months.
"We are likely to launch a Unit-Linked Insurance Plan in August and a conventional product in September," LIC North Zone manager Ashok Shah said.
LIC's promotional campaign LIC Zindagi Express, an exhibition on rail, concluded on Monday in Delhi after traveling all over the country.
The voyage was kicked off from Delhi on April 26 as part of its Golden Jubilee Year celebration to create awareness about insurance.
Comments
0 comment