LIC increases its stake in Tech Mahindra by purchasing more shares, Raises Stake To 8.88% | Business Upturn

LIC increases its stake in Tech Mahindra by purchasing more shares, Raises Stake To 8.88%

According to a BSE filing, Life Insurance Corporation of India (LIC) has boosted its ownership of Tech Mahindra, a renowned provider of IT software, to 8.88%. This is 81 basis points more than the 8.07% stake it owned in Tech Mahindra as of March 31 after today’s news. In the meantime, shares of LIC and Tech Mahindra rose by 0.59% and 0.90%, respectively. Details are below:

Tech Mahindra’s LIC Investment Rises: According to the BSE filing by 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 reported that between November 21, 2022, and June 6, 2023, at an average cost of INR 1050.77, its holding climbed from 6.869% to 8.884%, a gain of 2.015%.

Performance of the LIC stock: The LIC share’s last trading price on the BSE was Rs. 601.25 per share, an intraday increase of 0.59%. Its 52-week high share price is Rs. 773.70 and 52-week low share price is Rs. 530.20, respectively. The company has a market value of Rs 3,80,290.49 billion. Over the last month, the price of LIC stock increased, and over the past year, it decreased by 20%.

Performance of the Tech Mahindra stock: On the BSE, Tech Mahindra’s share price last traded at Rs. 1095.65, an intraday increase of 0.90%. Its 52-week high price per share is Rs. 1165.75, while its 52-week low price per share is Rs. 944.10. Its market value is Rs 1,06,755.19 billion. The share price of Tech Mahindra has increased by 9% YTD. The share of Tech Mahindra fell by 3% during the past year.

Investment in Tata Power and Bata India: On May 25, this year, LIC reported that their investment in Bata India had increased to 83,95,740 shares, or 6.532% of the company, from 64,36,692 shares, or 5.01%, as of March 31. On March 15, 2023, the life insurance owned 57,80,329 shares, or 4.497% of Bata India.

Between April 2019 and May 2023, according to LIC, it raised its holding in Tata Power Ltd by 2.08 percentage points.