State-owned Life Insurance Corporation of India (LIC) amassed more than Rs 21,000 crore in mark-to-market gains in just 35 days from three software exporters, delivering a rapid payoff on a contrarian wager made while artificial intelligence disruption fears were clouding the outlook for India’s technology industry.
The market value of LIC’s holdings in Tata Consultancy Services (TCS), Infosys and HCL Technologies climbed to Rs 1.26 lakh crore on Aug. 4 from Rs 1.05 lakh crore at the end of June. That translated into a combined paper gain of Rs 21,032 crore.
