India’s largest domestic investor, LIC, has raised its ownership stakes in seven of the biggest Indian tech majors, including TCS, Infosys, Tech Mahindra and Wipro. The state-owned insurer’s investment rose 48 basis points in Infosys, to give it 8.19% ownership, while a 111 basis points increase to 3.34% in L&T Technology Services was the highest. Despite foreign institutional investors expressing recession-related worries in western economies, LIC’s investment in India’s IT sector comes to around INR1.3tn ($17bn), around 13% of its Dalal Street portfolio.
