State run insurer LIC of India (Life Insurance Corporation of India) has hiked its stake in Infosys, raising its holding in the IT major for 3rd straight quarter with an estimated purchase of shares worth over Rs, 3,000 crore.
LIC's Infosys holding had gone up during all the 3 quarters so far in the current fiscal 2012-13.
Taking into account the average market value of Infosys shares, the 2.32 per cent increase in LIC's holding in the firm would be worth an estimated Rs. 3,300 crore.
Infosys shares have been on a highly volatile path during the past few quarters amid an overall slowdown in the Indian IT sector, while questions have also been raised about the firm's bellwether status for the industry.
Its stock has moved in a wide range from near Rs 2,100 level to close to Rs 3,000 per share in the last one year and is currently trading near Rs 2,350.
Besides LIC of India, a number of other large investors also hiked their stake in Infosys during 2012. These include foreign funds such as Oppenheimer, Franklin Templeton, Aberdeen & Vanguard.
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