Life Insurance Corporation of India (LIC) has increased its stake in ACC Ltd, an Adani Group-backed cement company, crossing the 10% threshold. Concurrently, LIC has also increased its holding in NBCC (India) to approximately 4.5%.

LIC's Increased Stake in ACC Ltd

LIC acquired an additional 3,782,029 shares of ACC Ltd, representing 2.014% of the company's equity, through open market purchases. This acquisition has increased LIC's total holding in ACC to 19,897,064 shares, which is equivalent to 10.596% of the company's paid-up share capital. The purchases were made between May 20, 2025, and November 25, 2025. Before these transactions, LIC held 16,115,035 equity shares, accounting for 8.582% of ACC's total share capital.

LIC's Increased Stake in NBCC (India)

In addition to ACC, LIC has also raised its stake in the PSU stock NBCC (India). The insurer acquired 3,024,672 shares in NBCC, amounting to 2.071% of the voting capital. Following this acquisition, LIC now holds 120,891,590 shares, representing 4.477% of the company's total voting capital. Previously, LIC held 117,866,918 shares, which was 6.548% of NBCC's voting capital. The change in percentage despite the acquisition of shares is attributed to a substantial alteration in NBCC's voting capital base, which now comprises 2,700,000,000 shares, up from the previous 1,800,000,000 shares. LIC has clarified that this acquisition was executed through market purchases, spanning from April 25, 2018, to November 24, 2025, with no involvement of preferential allotment, rights issue, or off-market transfer.

ACC and NBCC (India) Stock Performance

ACC stock has experienced a decline of over 15% in the past year and over 3% in the last six months. While the stock has gained 3% in the last three months, it has remained relatively stable over the past month. Over a five-year period, ACC has delivered modest returns of 9%. In recent trading, the stock slipped 0.6%, reaching an intraday low of ₹1,855.85 and is currently trading 20% below its 52-week high.

On November 24, 2025, NBCC (India) shares saw a surge in demand, rising 5.05% to an intraday high of ₹112.61 on the NSE. While still approximately 9.5% below its 52-week high of ₹130.70 from June 9, the stock has gained 67% from its 52-week low of ₹70.80 on March 3. This increase followed NBCC's announcement of new orders worth ₹116.95 crore from NIEPMD, Canara Bank, and the National Horticulture Board.

LIC's Investments and Adani Group

LIC's investments in the Adani Group have been a subject of scrutiny, particularly after a report alleged that government officials influenced LIC's investment decisions. LIC has refuted these claims, asserting that its investments in Adani group companies are made independently, following detailed due diligence and board-approved policies. LIC maintains that the Department of Financial Services or any other body does not have a role in its investment decisions.

As of late October 2025, officials have stated that LIC's exposure to the Adani Group is less than 1% of its total annual investment. LIC's investment in the Tata Group is estimated at ₹1.3 lakh crore, while its exposure to the Aditya Birla Group is ₹42,600 crore. On the equity side, LIC owns 4% of Adani stocks (₹60,000 crore), compared to 6.9% in Reliance, 15.9% in ITC, 4.9% in HDFC Bank, and 9.6% in SBI.