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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October 04, 2022
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