The value of mutual funds' holding in equities has exceeded that of insurance major LIC. Equity assets under management of the mutual fund industry stood at Rs 5 lakh crore as against LICs stock portfolio value of Rs 4.75 lakh crore at the end of September 2016.
This was the first quarter wherein holding of LIC has been exceeded by holding of mutual funds in NSE-listed companies according to Pranav Haldea, managing director, PRIME Database.
On an overall basis, LIC's holding went up in 38 companies listed on NSE in the last quarter with the average stock price return of these companies in the same period was 6.54%. On the other hand, interestingly, LIC holding went down in 71 companies listed at NSE.
UTI Mutual Fund buys nearly 15 lakh shares of MCX for Rs 425 crore
