Life Insurance Corporation of India (LIC) disclosed that it has increased its stake in Dr. Reddy's Laboratories (DRL) from 4.95% to 5.01%.
The life insurer bought 1,08,300 shares, at an average cost of Rs 6059.82 via open market purchase. LICs holding in the DRL touched 5% on 12 June 2024.
Dr Reddy's Labs is engaged in providing medicines. The firm operates in three segments: global generics, pharmaceutical services and active ingredients (PSAI) and proprietary products.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.
Shares of LIC rallied 5.07% to Rs 1,052.60 while DRL shed 0.58% to Rs 6,060 on the BSE.
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