State-run life Insurance Corporation of India (lIC) has shored up its stake in Infosys to 6.72 per cent, with an estimated purchase of shares worth over Rs 1,200 crore during April-June quarter.
While the exact date of share purchases by lIC could not be ascertained, Infosys towards the end of quarter saw the return of its founder NR Narayana Murthy as executive chairman. The appointment assumed significance as the company had disappointed investors with poor earnings in the last nine quarters and lost ground to smaller rivals.
lIC, the biggest institutional investor in the stock market, held 5.96 per cent stake in Infosys during the January–March quarter, which has now gone up to 6.72 per cent as of June 30.