The Life Insurance Corporation of India (LIC) has boosted its interests in the Bank of Maharashtra and Apollo Tyres, which are expected to ignite investor interest in both firms on October 7. The statements, which revealed LIC’s expanding participation in these important industries, were made through regulatory filings.
On October 4, the share price of Bank of Maharashtra closed lower by 1.40 per cent at ₹57.66 on the BSE. With a market value of ₹40,831.20 crore, the company is doing well.
According to NSE, the share price of Apollo Tyres also ended the day lower than it started, closing at ₹511.00, down 2.81 per cent. With a market value of ₹32,453.66 crore, the company is doing well. According to NSE, the stock price of Apollo Tyres last reached its 52-week high on September 26, 2024, at ₹584.90.
On October 4, the NSE saw LIC’s share price settle up by 0.27 per cent, at ₹970.00. With a market valuation of ₹6,13,524.78 crore, the company is highly capitalised. According to NSE, the price of LIC’s shares reached a 52-week high of ₹1,222.00 on August 1, 2024.
LIC shareholding in the Bank of Maharashtra
LIC said that it has increased its investment through a Qualified Institutional Placement (QIP) in the Bank of Maharashtra. The massive insurance company raised its ownership stake from 4.05% to 7.10%. This action comes after more than 25.96 crore equity shares were allotted. With a market capitalisation of ₹40,859 crore, the Bank of Maharashtra is a public sector bank. Its main business categories are retail banking, corporate/wholesale banking, and Treasury.
This calculated move is viewed as a component of LIC’s larger plan to diversify its holdings in the financial industry, especially in public sector banks.
LIC shareholding in Apollo Tyres
LIC declared in a different regulatory filing that it has somewhat expanded its stake in Apollo Tyres. After acquiring an extra 3 lakh equity shares, its stake increased from 4.98% to 5.03%. One of the world’s top tyre manufacturers, Apollo Tyres is well-known for having a significant position in the automobile industry.
