LIC, Mutual Funds Increase Stake In Larsen and Toubro
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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.

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