LIC Increases Stake in LTIMindtree to 7.03%

The Life Insurance Corporation of India (LIC) has increased its stake in LTIMindtree, boosting its holding to 2,08,34,009 equity shares, up from 1,49,06,665 shares. This move raises LIC’s ownership in the company to 7.034% of its paid-up capital, compared to 5.033% earlier.

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LIC revealed that it acquired the additional shares at an average price of ₹4,950.807 each over a period spanning March 20, 2024, to November 19, 2024. The filing clarified that this was a routine investment decision. The announcement came after market hours on Thursday, November 21, 2024.

Reacting to the news, LIC share price rose slightly by 0.48% to ₹886.50, while LTIMindtree shares gained 1.06%, closing at ₹5,992 on the BSE.

As India’s largest life insurer, LIC, founded in 1956, has a massive presence in the country’s financial landscape. It offers a broad range of insurance products—term plans, endowment policies, pensions, and ULIPs. LIC also covers areas like health, group, and rural insurance. Known for its wide-reaching agent network and trustworthiness, LIC has been instrumental in driving insurance adoption across India, all while maintaining a dominant market position.

On Friday, November 22nd, LTIMindtree shares saw an impressive intraday surge of 2.6%, hitting a high of ₹6,087.7 on the BSE. By 11:00 AM IST, the stock was trading 2.04% higher at ₹6,050. In comparison, the BSE Sensex was up 0.81%, reaching 77,778.1 points. LTIMindtree’s market capitalization stood at ₹77,778.10 crore. The stock’s 52-week range is ₹4,518.35 to ₹6,575, and it has risen by 6.7% in the last year, compared to a 17% rise in the Sensex.

LTIMindtree, part of the Larsen & Toubro Group, is a global powerhouse in technology consulting and digital transformation. Born from the merger of Larsen & Toubro Infotech and Mindtree, the company combines deep digital expertise with large-scale IT capabilities. Operating in over 30 countries, LTIMindtree focuses on helping businesses modernize, drive innovation, and grow sustainably.