Fundamentals, not rumours guide LIC: Sushobhan Sarkar, ED-investments, LIC : Sushobhan Sarkar, ED-investments, LIC
22 May 2006
| Executive director, investment, LIC, Sushobhan Sarkar says, as per LIC's policy and market view, LIC has always gone by the |
fundamentals and not by any temporary news or rumours. Excerpts from CNBC-TV18's exclusive interview with Sarkar.What have you been doing at LIC through this trading day today?
As per our policy and view on the market, we have always gone by the fundamentals and not by any temporary news or rumours. We have been buying in the last few days and even this morning we bought before the market closed and also as the market reopened (after suspension). We are looking at the market and continuing our activity accordingly.
Have you had any kind of directive from New Delhi to go out and buy stocks? Could you give us some sense of how much net money you may have pumped in already, in the last two days including this morning?
I will not be able to give the figures because I do not have them with me but we have been doing a good amount of buying.
At the behest of some request from New Delhi or because you see some value in the market now?
No request has been made so far and we have been buying based on our perception and our equity research, the scrip, which are actually consistent with our long-term view and on our asset liability position.
What percentage of cash might you be sitting on and how much money do you plan to deploy if you see this sort of buying levels?
Every year we are putting about 8-10 per cent depending on the opportunities, availability and timing, etc, of our total annual investment into the equity. Last year and a year before we followed this rule and this year also we are following this.
What did you buy in the past three days?
We have been buying fundamentally good scrips.
Could you specify which sectors you are looking at?
We have purchased some software and we have bought some oil sectors.
Roughly how much money you have pumped in, in the last two and a half days?
We have increased it substantially.
What's the figure, whether it is more or less than Rs500 crore?
Giving the figure will not be proper but I can tell you that on Friday we have purchased around Rs75-180 crore.
How much this morning?
Let the day progress further but even today we have purchased substantially.
Did you purchase more today than on Friday?
No, because on Friday the market was open for full day and today the markets are closed.
You are buying as we speak now?
Yes.
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