Shares of IRCTC jumped over 2% during early trading on Friday after the Life Insurance Corporation of India increased its stake in the railway firm.

What Happened: India’s biggest life insurer has increased its stake in the company from 7.28% to 9.30% via open market purchases, the company said in a press release. It now holds 7.43 crore shares of the firm, up from 5.82 crore.

Its stake in the railway sector “miniratna” public sector firm has risen by 2.02% from December 16, 2022, to September 11, 2024, at an average cost of ₹657.61, LIC added. At the end of June 2024, promoters held 62.4% of the firm, as per data available on the exchanges whereas public shareholding totalled to 37.6%.

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The company's net profit for the first quarter of 2025 rose by 32.5% to ₹307.7 crore, up from ₹232 crore in the same period last year. The railway major's catering business saw revenue rise to ₹558 crore, up from ₹477 crore last year.

The internet ticketing business, the second-largest segment, saw its revenue grow to ₹329 crore from ₹290 crore last year. 

The sase-owned insurance behemoth has been rejigging its holdings in various companies. Last week, LIC increased its shareholding in Container Corporation of India to 7.78% from 5.77%, representing a 2% increase during the period from October 19, 2023 to September 6, 2024 at an average cost of ₹942.55.

Last month, LIC decreased its holding in HDFC Asset Management Company to 2.88% from 4.9%.

Price Action: Shares of IRCTC jumped 1.54% to ₹945.70 on Friday morning.

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