Life Insurance Corp. of India on Friday increased its stake holding in Apollo Tyres Ltd. to 5.030% from 4.983% through an open market purchase.
Following this purchase, the state-run insurance provider will hold 3.19 crore shares compared 3.16 crore shares earlier, according to an exchange filings on Friday.
LIC's Past Deals
Earlier on Sept. 12, LIC increased its stake in Indian Railway Catering and Tourism Corp. to 9.3% from 7.3% over nearly two years. Its shareholding in IRCTC rose from 5.82 crore shares to 7.44 crore shares during the period between Dec. 16, 2022, and Sept. 11, 2024.
On Sept. 9, the biggest insurance provider increased its stake in Container Corp. to over 7.78% through a market purchase. Before it hiked its holding in Container Corp. was 3.51 crore shares, or 5.773%, which now stands at 4.74 crore shares, or 7.781%.
In August, the company trimmed its stake in HDFC Asset Management Co. from 4.9% to 2.88%. Before the stake sale, LIC held 1.04 crore shares in the company, while after that it was reduced to 61.58 lakh.
Apollo Tyres First Quarter Performance
Apollo Tyres posted a net profit of Rs 302 crore, 24% drop for the quarter ending in June, as compared to Rs 396.91 crore in the same period last year.
Revenue rose by 1.4% year-on-year for the three months ending in June, totaling Rs 6,334.85 crore, slightly above analysts' forecast of Rs 6,332 crore.
Shares of LIC closed 0.38% higher at Rs 971.15 apiece, compared to a 0.93% fall in the benchmark NSE Nifty.
The stock has risen 52.35% in the last 12 months and 16.65% year-to-date. The relative strength index was 32.80.
Out of 20 analysts tracking the company, 13 maintain a 'buy' rating, four recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 20%.
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