Here's how much LIC gained through investments in Adani Group stocks in FY24

The value of investments made by Life Insurance Corporation of India (LIC) in the stocks of ports-to-power conglomerate Adani Group has jumped by 59% in fiscal year 2023-2024 (FY24), as compared to the preceding financial year.

The state-run insurer has invested in seven Adani Group companies, and the cumulative value of the holdings stood at ₹61,210 crore on March 31, 2024, as per the data available with the exchanges. In comparison, the cumulative value of investments stood at ₹38,471 crore on March 31, 2023.

This shows that the investments gave a return of ₹22,378 crore or 59% in the one-year period. The sharp gain can be attributed to the turnaround recorded by Adani group companies in FY24, after being hammered due to a damning report released by the US-based activist-short seller Hindenburg Group in January 2023.

The Adani Group companies in which LIC has invested

• LIC is a stakeholder in Adani Enterprises, the flagship company of the Gautam Adani-led business giant. The value of the investments grew by 68.4% in FY24, from ₹8,495.31 crore as of March 31, 2023 to ₹14,305.53 crore as of March 31, 2024.

• In Adani Ports and SEZ, the value of LIC’s holdings increased by 83%. It stood at ₹12,450.09 crore at the end of FY23, and climbed to ₹22,776.89 crore at the end of FY24.

• The insurance sector behemoth’s investment in Adani Green Energy gave the highest amount of returns among the group companies. The value of investment grew by more than double to ₹3,937.62 crore in the one-year period.

• Apart from them, LIC also saw a significant rise in the value of its investments in ACC, Ambuja Cements and Adani Total Gas.

Meanwhile, the shares of LIC opened lower at the stock market on April 15. The scrip was valued at ₹947.85 apiece on the National Stock Exchange (NSE) at 9:23 am, down 2.84% as against the previous day’s close.