Bank of Maharashtra, Apollo Tyres stocks in focus as LIC raises stake in these companies

Stocks in focus today: The Life Insurance Corporation of India (LIC) has increased its stakes in Bank of Maharashtra and Apollo Tyres, which are expected to spark investor interest in both companies on October 7. The announcements were made through regulatory filings, disclosing LIC's growing involvement in these key sectors.

Bank of Maharashtra share price closed in red, down 1.40 per cent at ₹57.66, on October 4, on BSE. The company enjoys a market capitalisation of ₹40,831.20 crore.

Apollo Tyres' share price, too, closed in the red, down 2.81 per cent at ₹511.00, on October 4, as per NSE. The company enjoys a market capitalisation of ₹32,453.66 crore. Apollo Tyres stock price last hit its 52-week high at ₹584.90, on September 26, 2024, as per NSE.

Meanwhile, LIC share price closed in green, up 0.27 per cent at ₹970.00, on October 4, on NSE. The company enjoys a market capitalisation of ₹6,13,524.78 crore. LIC stock price hit its 52-week high at ₹1,222.00 on August 1, 2024, as per NSE.

LIC shareholding in Bank of Maharashtra

LIC disclosed that it has raised its stake in Bank of Maharashtra through a Qualified Institutional Placement (QIP). The insurance giant increased its shareholding from 4.05% to 7.10%. This move follows the allotment of over 25.96 crore equity shares. Bank of Maharashtra, a public sector bank, is valued at ₹40,859 crore, and its primary business segments include Treasury, Corporate/Wholesale Banking, and Retail Banking.

This strategic investment is seen as part of LIC's broader focus on expanding its portfolio in the financial sector, particularly in public sector banks.

LIC shareholding in Apollo Tyres

In another regulatory filing, LIC announced it has slightly increased its holding in Apollo Tyres. Its stake rose from 4.98% to 5.03%, with the acquisition of an additional 3 lakh equity shares. Apollo Tyres, a leading tire manufacturer, operates globally and is known for its strong presence in the automotive sector.

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