LIC Hikes Stake in Tata Chemicals to Over 9%: Total Holding Value, Details

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LIC Hikes Stake in Tata Chemicals to Over 9%: Total Holding Value, Details
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The country’s largest insurance company Life Insurance Corporation Of India (NS: LIFI ) has increased its stake in the leading chemicals manufacturer Tata Chemicals (NS: TTCH ) to over 9% through market purchase.

The insurance bellwether raised its shareholding in Tata Chemicals by 2.054% in a period of approximately two months.

LIC (NS: LIFI ) bought a total of 52,32,912 equity shares of the Tata Group company through market purchases from June 27, 2023, to August 24, 2023, hiking its voting capital in the company to 9.177% from 7.123% earlier.

Post the acquisition of additional shares, the life insurance major held a total of 2,33,78,890 shares of Tata Chemicals, compared to 1,81,45,978 shares of the company held by LIC earlier.

As per Tata Chemicals’ closing share price on Friday, the state-owned life insurer’s total holding in the Tata Group midcap stock stands at Rs 2,364.19 crore.

InvestingPro’s financial models appear bullish on the Tata Group stock, setting an average fair value of Rs 1,316.05/share set on it and indicating an upside of 30.1% from the stock’s closing price on Friday.

The most bullish value has been set by the ‘DDM Stable Growth’ investing model, at a fair value of Rs 1,528 per share, indicating a strong potential upside of 51.1%.

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  • Sagar Suryawanshi @Sagar Suryawanshi
    it means there is a problem in tata chemicals 😂
    Like 0

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