India’s biggest institutional investor, the Life Insurance Corporation of India (LIC) has increased its stake in several companies from various sectors including chemicals, banks, metals and information technology, among others during the April to June quarter (Q1FY24).
Here are 4 IT Stocks in which LIC increased its stake:
Tech Mahindra
The Mahindra Group company provides IT-enabled services, application development and maintenance, consulting and enterprise business solutions, and so on, to a diversified base of corporate customers in a wide range of industries.
LIC has increased its stake in Tech Mahindra from 8.07 percent in the March quarter (Q4FY23) to 9.47 percent in the June quarter (Q1FY24), indicating an increase of 1.4 percent.
In the past year, the company’s shares gained 13.22 percent and were trading at ₹ 1151 levels on Tuesday, with a market capitalization of ₹ 1,13,251 crores.
L&T Technology Services
L&T Technology Services provides engineering, research and development and digitalization solutions to companies in the areas such as Transportation, Industrial Products, Telecom and Hi-Tech, Medical Devices and Plant Engineering.
The insurance behemoth increased its stake in L&T Technology Services from 4.53 percent in the March quarter (Q4FY23) to 5.70 percent in the June quarter (Q1FY24), translating to an increase of 1.17 percent.
In the past year, the company’s shares gained 14.67 percent and were trading at ₹ 3943 levels with a market capitalization of ₹ 42,201 crores on Tuesday.
Oracle Financial Services Software
Oracle Financial Services Software provides the financial services industry with software, custom application development, consulting, IT infrastructure management, and outsourced business processing services.
LIC increased its stake in Oracle Financial Services Software from 3.82 percent in the March quarter (Q4FY23) to 4.09 percent in the June quarter (Q1FY24), indicating an increase of 0.27 percent.
In the past year, the company’s shares gained 19.08 percent and were trading at ₹ 3844 levels on Tuesday, with a market capitalization of ₹ 33,309 crores.
Coforge
Coforge provides comprehensive software solutions and services. It is among the top 20 Indian software exporters. It has business partnerships with large IT companies across the world.
The insurance behemoth increased its stake in Coforge from 5.87 percent in the March quarter (Q4FY23) to 6.01 percent in the June quarter (Q1FY24), translating to an increase of 0.14 percent.
In the past year, the company’s shares gained 23.87 percent and were trading at ₹ 4694 levels on Tuesday, with a market capitalization of ₹ 28872 crores.
Written by Simran Bafna
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due
