LIC Buys Additional Shares In Top IT Giant, Raises Stake To 8.88%

Life Insurance Corporation of India (LIC) has increased its stake in leading IT Software company, Tech Mahindra to 8.88%, according to its BSE filing. With today's development, this is 81 basis points more than 8.07% stake it held in Tech Mahindra as on March 31. Meanwhile, LIC share and Tech Mahindra share witnessed a rally of 0.59% and 0.90%, respectively. Check details below:

LIC Increases Stake In Tech Mahindra: According to the BSE filing of LIC, "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that Corporation's shareholding in "TECH MAHINDRA LIMITED." has increased from 6,69,25,392 to 8,65,58,538 Equity Shares increasing its shareholding from 6.869% to 8.884% of the paid-up capital of the said Company.

LIC stated that its holding increased from 6.869% to 8.884%, an increase of 2.015% during the period from November 21, 2022 to June 6, 2023 at an average cost of INR 1050.77.

LIC Stock Performance: Last trading price of LIC share is Rs 601.25 per share with intraday jump of 0.59% on BSE. Its 52-week high price is Rs 773.70 per share and 52-week low price is Rs 530.20 per share, respectively. Its market capitalisation is Rs 3,80,290.49 crore. LIC stock jumped over 7% in last 1-month and declined 20% in last 1-year.

Tech Mahindra Stock Performance: Last trading price of Tech Mahindra share is Rs 1095.65 per share with intraday jump of 0.90% on BSE. Its 52-week high price is Rs 1165.75 per share and 52-week low price is Rs 944.10 per share, respectively. Its market capitalisation is Rs 1,06,755.19 crore. Tech Mahindra share witnessed a jump of 9% YTD. In last 1-year, Tech Mahindra share declined 3%.

Stake In Tata Power & Bata India: Earlier this year on May 25, LIC stated its shareholding in Bata India surged to 83,95,740 shares or 6.532% stake from 64,36,692 shares or 5.01% stake as on March 31. The life insurer held 57,80,329 shares or 4.497% stake in Bata India as on March 15, 2023.

Meanwhile, LIC said it increased its stake in Tata Power Ltd by 2.08 percentage points between April 2019 and May 2023.