LIC Raises Stake in Pharma Heavyweight to 7.7%, Latter Up 2% in Weak Market

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LIC Raises Stake in Pharma Heavyweight to 7.7%, Latter Up 2% in Weak Market
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The state-owned insurance behemoth Life Insurance Corporation (NS: LIFI ) of India has raised its shareholding in the pharmaceutical heavyweight Dr. Reddy’s Laboratories (NS: REDY ) by over 2% over a period of time.

The Hyderabad-based pharma major informed on Monday that LIC has increased its stake in the company to 7.7% from around 5.65%.

From June 15, 2022, to September 30, 2022, the insurance giant purchased a total of 33,86,486 shares of DRL through the open market, translating to a 2.034% stake.

Nifty Pharma was the only sectoral index under the Nifty umbrella that ended Monday’s session in the green, as headline equity indices Nifty50 and Sensex tanked up to 1.21%.

The sectoral index outperformed its peers as well as the benchmark indices, jumping 1.13% in a weak market, while Dr Reddy’s Labs surged 1.94% to Rs 4,419.65 apiece.

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  • Aziz DS @Aziz DS
    LIC Swim like a swan now
    Like 0

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