The largest state insurer Life Insurance Corporation of India (LIC) has increased its holding in the Mahindra group company, Tech Mahindra Ltd. As per the latest shareholding pattern, LIC has increased its total holding by 2.011% in the quarter.
LIC has increased its total shareholding from 4,73,44,343 to 6,69,25,392 Equity Shares effectively increasing the stake from 4.863% to 6.874%.
Tech Mahindra, Part of the Mahindra Group, provides IT services including IT-enabled service, application development and maintenance, consulting, and enterprise business solutions.
In Q2FY23, the company reported a total revenue of Rs 13,129 crore which increased from Rs 10,881 crore in the same period a year earlier. In the quarter under review, their net profit stood at Rs 1,314.5 crore which grew sideways compared to Rs 1,341.7 in Q2FY22.
Tech Mahindra has a market capitalization of Rs 1,02,213 crores and a dividend yield of 4.29% as on November 23rd, 2022.
In the early trading hours, the shares of Tech Mahindra Ltd were trading marginally higher at Rs 1,051 levels. On a Year to Date (YTS) basis, the shares have shed approximately 42 percent.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.
Meanwhile, the shares of Life Insurance Corporation of India were trading in red on Wednesday at Rs 621 levels. The stock was listed on the Indian exchanges in May this year and since then the shares have shed approximately 29 percent.
Written by Anoushka Roy
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