The state-owned insurer has freshly added 1.96 crore shares in Tech Mahindra, increasing its shareholding to 8.8% from 6.8% earlier.
“The corporation’s shareholding in Tech Mahindra has increased from 6,69,25,392 to 8,65,58,538 equity shares, raising its stake from 6.869% to 8.884% of the paid-up capital of the said company,” LIC said in a filing.
LIC has picked up additional shares through open market transactions. Its income from investments rose marginally to Rs 67,846 crore for the January-March period versus Rs 67498 crore in the same period last year.
The insurance giant’s assets under management (AUM) increased to Rs 43.97 lakh crore as of March 31 as compared to Rs 40.85 lakh crore a year ago, registering 7.65% growth.
Meanwhile, the yield on investments on policyholders funds excluding unrealized gains was 8.29% for the year ended March 2023.
According to the shareholding pattern available with the exchanges, Tech Mahindra is a majority public owned company with 64.8% stake, while promoters have the rest 35.1% stake.Among public shareholders, mutual funds own a combined 13% stake in the IT major, while foreign investors have about 27%.
During the March quarter, Tech Mahindra reported a consolidated net profit of Rs 1,118 crore, down 26% over a year ago. Its revenue from operations during the reporting quarter rose 13% year-on-year to Rs 13,718 crore.
On Wednesday, Tech Mahindra shares closed 0.85% higher at Rs 1,095 on NSE. So far this year, the stock has risen nearly 9%, comfortably beating the index returns.
According to Trendlyne data, the company has an average target of Rs 1086.09 and the consensus estimate represents a marginal downside of -0.88% from the current levels.
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