LIC, FIIs Increase Stake In Bharat Dynamics, Shares Tick Up

Bharat Dynamics submitted its most recent shareholding information to the exchanges on Wednesday.

What Happened: Promoters holding remained unchanged at 74.93% in the June quarter, as per data available on the National Stock Exchange. 

Indian insurance firm LIC increased its stake in the defence firm to 1.83% from the 1.43% it held in the previous quarter. In the April-June period, the insurer held more than 67 lakh shares in the firm, up from 26 lakh in the March quarter.

See Also: LIC Ups Stake In HAL, FIIs Holding Moderates In June Quarter

Foreign portfolio investors also raised their holdings in the quarter ended June, holding a 3.05% stake in the company, an increase from last quarter's 2.95%.

The number of foreign portfolio investors also increased to 157 in the present quarter versus 122 in the previous quarter. Mutual funds, on the other hand, decreased the stake they hold to 5.67% from 7.93% in the current quarter.

The Hyderabad-based firm is a key manufacturer of missile systems and allied defence equipment.

Price Action: Shares of Bharat Dynamics were almost flat on Thursday. The company was trading 0.74% higher at ₹1,643.95 during afternoon trading.

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