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%.
See Also: Reliance Shares Down Ahead Of Q1 Print: Here’s What To Expect
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.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.