LIC has seen a 59 per cent rise in worth of its investments in Adani group corporations in 2023-24 fiscal 12 months after the conglomerate made a sensible restoration since being hammered by the Hindenburg report.

The worth of LIC’s funding in seven Adani group corporations has soared from Rs 38,471 crore as on March 31, 2023 to Rs 61,210 crore on March 31, 2024, registering a rise of Rs 22,378 crore, in response to inventory change knowledge.

Final 12 months, the insurance coverage big confronted intense scrutiny over its choice to put money into the Adani group amidst a political slugfest after allegations of inventory manipulation fuelled by the report.

Adani group denied any fallacious doing.

Adani Group’s shares, which at lowest level took a beating of about USD 150 billion, have staged a exceptional comeback, fuelled by strong revenue development throughout its numerous companies.

Dealing with political strain, LIC strategically lowered its publicity to 2 of the group’s flagship corporations — Adani Ports & SEZ and Adani Enterprises — solely to witness their shares surge by a formidable 83 per cent and 68.4 per cent, respectively.

Regardless of trimming its possession, LIC investments noticed a 59 per cent surge in worth in FY24, in response to inventory change knowledge.

Whereas the home investor confronted strain, abroad traders wasted no time seizing the chance, with heavyweights just like the Qatar Funding Authority, Abu Dhabi based mostly IHC, French big TotalEnergies, and US based mostly GQG Funding, collectively pouring near Rs 45,000 crore into Adani shares.

The worth of LIC’s funding in Adani Enterprise Ltd soared from Rs 8,495.31 crore as on March 31, 2023 to Rs 14,305.53 crore a 12 months later, the information confirmed. The identical in Adani Ports and SEZ rose from Rs 12,450.09 crore to Rs 22,776.89 crore as on March 31, 2024.

LIC’s funding in Adani Inexperienced Vitality Ltd noticed the most important rise with worth greater than doubling to Rs 3,937.62 crore in a single 12 months.

The insurer additionally noticed worth appreciation of its investments in Adani Complete Fuel Ltd, Ambuja Cements and ACC.

Within the 12 months since Hindenburg report, Adani has cemented its standing as India’s premier and main infrastructure conglomerate, with a laser deal with spearheading the nation’s inexperienced vitality transition alongside a formidable presence in crucial sectors resembling airports, ports, knowledge centres, and roads.