The combined market valuation of five of the top 10 valued firms eroded by Rs 1,67,936.21 crore last week, with HDFC Bank emerging as the biggest laggard. ICICI Bank, Infosys, Bharti Airtel, Life Insurance Corporation of India (LIC) and ITC were the gainers in the top-10 pack.
Life Insurance Corporation of India (LIC) has sold 2% of its holding in Sun Pharma for ₹4,699 crore via open market sale. The sale resulted in a decrease in LIC’s shareholding from 5.023% to 3.012%. Sun Pharma is engaged in the business of manufacturing and marketing branded and generic formulations as well as Active Pharma Ingredients (APIs).
IIFL has a buy call on Life Insurance Corporation of India (LIC) with a target price of Rs 710. The article discusses LIC’s financials and provides investment rationale for buying the stock.
