LIC, Mutual Funds Increase Stake In Larsen and Toubro

Life Insurance Corporation of India and mutual funds increased their stake in Larsen and Toubro, according to the company’s latest shareholding data.

What Happened: Larsen and Toubro’s shareholding data for the June quarter showed that LIC had increased its ownership in the construction company to 11.63% from 11.19% from the March quarter.

ICICI Prudential Life Insurance Company also raised its stake from 1.17% in the previous quarter to 1.18% in June. General Insurance Corporation of India’s stake in the company was unchanged at 1.60%.

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The total mutual fund ownership in the stock increased to 18.13% from 17.85% from the previous quarter. Among them, Nippon Life India Trustee, account of Nippon India ETF raised stakes to 1.29% from 1.17% in the previous quarter.

On the other hand, foreign institutional investors reduced their stake in the company during the June quarter, with their ownership falling to 22.85% from 24.36%.

The government of Singapore, one of the largest foreign portfolio investors in the company, trimmed its stake to 2.37% from 2.88% in the previous quarter.

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