The stock of Life Insurance Corporation of India surged 5 per cent on Friday, a day after the corporation increased its shareholding in Dr Reddy’s Laboratories.
As per the stock exchange filing, the corporation boosted its shareholding in the pharma company from 4.95 per cent to 5.01 per cent (from 82,61,579 equity shares to 83,69,879 shares of the paid-up capital).
Shares of LIC traded at ₹1,055.30 on the NSE, higher by 5.29 per cent as of 1.53 pm. On the BSE, the stock traded at ₹1,054.05, higher by 5.22 per cent as of 1.58 pm.
The stock hit a 52-week high earlier in February 2024 at ₹1,175 on the NSE.