State-owned Life Insurance Corporation of India (LIC) sold a 2.015% stake in India’s largest car manufacturer, Maruti Suzuki on Friday.
According to an exchange filing, the LIC sold 60.88 lakh shares worth ₹ 5,400 crores in the open market. With this, its stake in the auto manufacturer reduced from 6.22% to 4.2%.
Maruti Suzuki’s shares dropped marginally on Friday. However, they are currently trading at ₹ 8885.00, up 0.50% on Monday. Similarly, LIC’s share price increased marginally on Friday, however, it was trading 0.55% lower at ₹ 684.20 apiece on Monday.
On Monday, the Nifty Auto Index was quoting 0.74% higher. It has increased by 16.06% as per year-to-date data. Further, it increased by 25.98% in the past year. In fact, it was at its lifetime high two weeks ago. Auto stocks are doing well as the Indian economy is opening up post-Covid and it is having an impact on the lifestyle of the Indians. Another major reason is the impetus in the EV segment.
Written by Simran Bafna
Disclaimer
The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
To stay updated with the Latest Stock Market news, download our app here!
For editorial purposes, contact news@tradebrains.in
Start Your Stock Market Journey Today!
Want to learn Stock Market trading and Investing? Make sure to check out exclusive Stock Market courses by FinGrad, the learning initiative by Trade Brains. You can enroll in FREE courses and webinars available on FinGrad today and get ahead in your trading career. Join now!!