Why This LIC-Backed Tata Stock Is Upbeat Today

Shares of Tata Chemicals climbed up close to 2% on Monday to hit an intraday high of ₹1,030.75.

What Happened: The shares of Tata Group stock are upbeat today Life Insurance Corporation announced raising its stake in the company. The insurance giant informed the exchanges late last Friday, that it had increased its shareholding in Tata Chemicals by another 2%.

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As per the exchange filing, the insurance major bought an additional 52.32 lakh shares of the company between June 27 and August 24. The transactions led to an increase in LIC’s holding from 1.81 crore shares to 2.33 crore shares.

With this increase, LIC’s total stake in the company stands at 9.177%. Apart from LIC, several major mutual funds like Kotak Flexicap Fund, DSP Midcap Fund, and HDFC Mid-Cap Opportunities Fund own stake in the chemical major.

Price Action: Tata Chemicals’ share price was up 1.76% to trade at ₹1,029.05 on Monday afternoon.

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Posted In: MoversTrading IdeasLife Insurance Corporation of IndiaTata ChemicalsTata Group