LIC picks up additional 2% stake in Dr Reddy’s Laboratories

14 Mar 2023 , 09:30 AM

Dr Reddy’s Laboratories’ stakeholder, Life Insurance Corporation of India (LIC), declared on Monday that it has raised its ownership in the company by 2%, resulting in an increase from 7.676% to 9.695%.

The shares were purchased from 20 September 2022 to 10 March 2023 at an average price of Rs4,403.02, according to LIC’s corporate filing.

LIC has increased its stake in Dr Reddy’s Laboratories from 1,27,83,287 to 1,61,44,983 equity shares. It now owns 9.695% of the company, up from 7.676% previously.

LIC stated in its filing that these shares were bought in an open-market transaction.

‘Holding increased from 7.676% to 9.695%, a 2.019% increase, from 30.09.2022 to 10.03.2023 at an average cost of Rs4,403.02,’ according to the filing.

Dr Reddy’s Laboratories increased its consolidated net profit by 77% to Rs1,247 crore in the third quarter ended December 31, 2022. In the previous fiscal year’s October-December period, the drug company reported a net profit of Rs706 crore.

At around 9.28 AM, Dr Reddy’s was trading at Rs4,382 apiece, against the previous close of Rs4,370.40 on NSE. The counter touched an intraday high and low of Rs4,420.90 and Rs4,375 respectively.

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