Home/ Companies / News/  LIC increases stake in Dr Reddy’s Laboratories by 2%

Life Insurance Corporation of India (LIC) on Monday said that it has increased its shareholding in Dr Reddy's Laboratories by 2 per cent. The holding has increased by from 5.005 per cent to 7.278 per cent.

The purchase of shares took place from 20 September, 2022 to 10 March, 2023 at an average price of 4403.02, LIC said in its corporate filing.

LIC said that its shareholding in Dr Reddy's Laboratories has increased- 1,27,83,287 to 1,61,44,983 equity shares. It now holds 9.695 per cent in the company from the earlier 7.676 per cent.

"This is to inform that Corporation’s shareholding in "DR. REDDY’S LABORATORIES LTD." has increased from 1,27,83,287 to 1,61,44,983 Equity Shares increasing its shareholding from 7.676% to 9.695% of the paid-up capital of the said Company," said LIC in its regulatory filing.

The shares were bought in open market transaction, said LIC in its filing.

“Holding increased from 7.676% to 9.695%, a increase of 2.019% during the period from 30.09.2022 to 10.03.2023 at an average cost of INR 4403.02," the filing added.

Dr Reddy's Laboratories reported a 77 per cent increase in its consolidated net profit at 1,247 crore in the third quarter ended December 31, 2022.

The drug firm had reported a net profit of 706 crore in the October-December period of the previous fiscal.

Revenue from operations rose to 6,770 crore during the period under review as against 5,320 crore in the year-ago period, Dr Reddy's Laboratories said in a regulatory filing.

Insurance behemoth Life Insurance Corporation of India (LIC) consolidated net profit rose sharply to 8,334 crore in the third quarter, as premium income improved and it moved 5,670 crore to its shareholders' fund to shore up its net worth.

On Monday, LIC's scrip ended 2.19 per cent down at 582.50 on BSE, while Dr Reddy's Laboratories scrip ended 0.33 per cent down at 4,382  on BSE.

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Updated: 13 Mar 2023, 10:25 PM IST
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