LIC Increases Stake in Biocon to Over 5%

18 Sep 2024 , 11:49 AM

The Life Insurance Corporation of India (LIC) has increased its stake in Biocon Ltd, as per a regulatory filing on September 17. LIC’s shareholding in Biocon has grown from 5,98,14,429 shares to 6,03,14,429 shares.

This rise in ownership represents an increase from 4.982% to 5.023% of Biocon’s paid-up capital. The move aligns with LIC’s strategy of expanding its investment in the pharmaceutical sector.

As per the updated disclosure regulations, LIC’s total stake now crosses the 5% mark in Biocon Ltd. In a separate development, LIC has reduced its shareholding in DCM Shriram Industries over the past three years.

At the time of writing on September 18, 2024, at 11:34 am, Life Insurance Corporation of India (LIC) stock is trading at ₹1024.60, reflecting a 0.33% gain from the previous closing price. Over the past year, Life Insurance Corporation of India (LIC) stock has risen by an impressive 70%, and it has gained 57% since the beginning of the current year.

LIC’s stake in DCM Shriram decreased from 6.675% (58,06,760 shares) to 4.659% (40,52,635 shares) as of September 13, 2024. The shares in DCM Shriram were sold at an average price of ₹110.072.

These strategic shifts reflect LIC’s continuous portfolio adjustments in response to market opportunities and corporate performance.