Bank of Maharashtra, Apollo Tyres stocks in focus as LIC raises stake in these companies

  • Stocks in focus today: The Life Insurance Corporation of India (LIC) has increased its stake in both Bank of Maharashtra and Apollo Tyres, signaling growing investor interest in these companies

Shivangini
Published7 Oct 2024, 08:29 AM IST
Stocks in focus today: Bank of Maharashtra, Apollo Tyres to remain in spotlight as LIC raises stake in these companies
Stocks in focus today: Bank of Maharashtra, Apollo Tyres to remain in spotlight as LIC raises stake in these companies(Unsplash)

Stocks in focus today: The Life Insurance Corporation of India (LIC) has increased its stakes in Bank of Maharashtra and Apollo Tyres, which are expected to spark investor interest in both companies on October 7. The announcements were made through regulatory filings, disclosing LIC's growing involvement in these key sectors.

Bank of Maharashtra share price closed in red, down 1.40 per cent at 57.66, on October 4, on BSE. The company enjoys a market capitalisation of 40,831.20 crore.

Also Read | Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — Oct 7

Apollo Tyres' share price, too, closed in the red, down 2.81 per cent at 511.00, on October 4, as per NSE. The company enjoys a market capitalisation of 32,453.66 crore. Apollo Tyres stock price last hit its 52-week high at 584.90, on September 26, 2024, as per NSE.

Also Read | Apollo aims to invest $5 billion investment in Intel: Report

Meanwhile, LIC share price closed in green, up 0.27 per cent at 970.00, on October 4, on NSE. The company enjoys a market capitalisation of 6,13,524.78 crore. LIC stock price hit its 52-week high at 1,222.00 on August 1, 2024, as per NSE.

Also Read | Latest Market News Today Live Updates October 7, 2024: Bank Nifty Trading Strategy Today: How to trade Bank Nifty options on October 7? Rahul Ghose suggests this strategy

LIC shareholding in Bank of Maharashtra

LIC disclosed that it has raised its stake in Bank of Maharashtra through a Qualified Institutional Placement (QIP). The insurance giant increased its shareholding from 4.05% to 7.10%. This move follows the allotment of over 25.96 crore equity shares. Bank of Maharashtra, a public sector bank, is valued at 40,859 crore, and its primary business segments include Treasury, Corporate/Wholesale Banking, and Retail Banking.

This strategic investment is seen as part of LIC's broader focus on expanding its portfolio in the financial sector, particularly in public sector banks.

LIC shareholding in Apollo Tyres

In another regulatory filing, LIC announced it has slightly increased its holding in Apollo Tyres. Its stake rose from 4.98% to 5.03%, with the acquisition of an additional 3 lakh equity shares. Apollo Tyres, a leading tire manufacturer, operates globally and is known for its strong presence in the automotive sector.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.

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First Published:7 Oct 2024, 08:29 AM IST
Business NewsMarketsStock MarketsBank of Maharashtra, Apollo Tyres stocks in focus as LIC raises stake in these companies

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