The Life Insurance Corporation booked profits in several blue-chip stocks during the quarter ended June 2003.

A study of its equity portfolio between March and June 2003, shows that the insurer was a seller in the markets during the quarter.

Data on LIC's holdings in 75 companies show that it retained stake in 31 companies, but pared exposure to 25 companies. In the remaining 19, LIC made small purchases.

Aggregate data show LIC sold around 51.21 million shares between April and June 2003 against purchases of around 10.57 million shares during the same period.

LIC sold blue chips such as Century Textiles, Gujarat Ambuja Cement, Indian Petrochemicals (IPCL), ITC, Larsen & Toubro and Mahindra & Mahindra (M&M).

The insurance company also booked profits in public sector heavyweights such as Bharat Heavy Electricals, Bharat Petroleum, Hindustan Petroleum, Kochi Refineries and Neyveli Lignite.

LIC sold a combined 67.11 lakh (6.711 million) equity shares of three automobile companies during the quarter.

The insurer reduced its stake in M&M by 1.93 percentage points from 13.78 at the end of March 2003 to 11.85 per cent in June, by 1.34 percentage points in Ashok Leyland, from 11.47 per cent to 10.13 per cent and by 0.90 percentage points in Tata Engineering from 6.82 per cent to 5.92 per cent.

In 12 companies, LIC reduced its stake by more than one percentage point each, and in 13 companies, it reduced its stake in the range of 0.09 per cent to 0.90 per cent.

It reduced holdings in Nestle, Kochi Refineries and Gujarat Ambuja Cement by more than two percentage points.

In Century Textiles, IPCL, ITC, M&M, Neyveli Lignite, Tata Chemicals and Tata Power, the insurance giant offloaded more than one percentage point each.

LIC also sold most of its holdings in Old Economy stocks. The insurance company reduced its holdings in Ballarpur Industries, Bharat Forge, Cummins India, MRF, Nicholas Piramal, Siemens and Tata Steel.