The state-run insurance major on Monday (3 October 2022) announced that it acquired 2.03% stake in the drug major.
Life Insurance Corporation of India (LIC)'s shareholding in Dr Reddy's Laboratories has Increased from 93,96,801 to 1,27,83,287 equity shares, increasing its shareholding from 5.645% to 7.679%."There is an increase of more than 2% in the holding during the period from 15 June 2022 to 30 September 2022," LIC said in the filing.
The shares were bought through the open market at an average cost of Rs 4289.29 per share.
Shares of Dr Reddy's Labs fell 0.21% to Rs 4410.90 while shares of LIC rose 1.57% to Rs 630.50 on the BSE.
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.
The drug major's consolidated net profit surged 108% to Rs 1,187.6 crore on 6% rise in net sales to Rs 5,215.40 crore in Q1 FY23 over Q1 FY22.
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