LIC is behind Indian Markets holding up.

LIC bought 97,34,113 shares of Siemens between February 6 and September 5, 2008, resulting in a hike in its stake from 7.7% as on December 31, 2007 to the current 11.3%. The company's shares have tanked nearly 30% in the past one month.

PTC India and Tata Power are the two other notable examples where LIC now holds a little over 10% after acquiring additional shares in September. The stocks of these companies have lost 18% and 12% respectively in one month.

With these latest acquisitions, the number of companies where LIC holds 10%-plus stake has gone up. There are many other blue chip companies, including Tata Motors, Tata Steel, Corporation Bank, Ranbaxy, Cipla, M&M, Maruti Suzuki, Dr Reddy's Labs, MTNL, HPCL Oriental Bank and Reliance Infrastructure where the insurance major holds more than 10% stake over a period of time. LIC would have to eventually reduce its stake in these companies to comply with IRDA guidelines.

http://economictimes.indiatimes.com/Personal_Finance/LIC_hikes_stake_in_select_blue_chips_beyond_10/articleshow/3553939.cms