After Life Insurance Corporation of India said it has increased its shareholding in the pharma firm, shares of pharma firm Dr Reddy’s Laboratories are in news today.
Against 82,61,579 equity shares earlier, LIC holds 83,69,879 equity shares currently. This was communicated by the Life insurer to bourses. With this, the stake has now been increased to 5.01% from 4.95% of the paid-up capital for LIC. Furthermore, the shares were acquired on June 12 at an average cost of INR 6059.82.
And if we look at the previous session, Dr Reddy’s Laboratories stock ended 0.53% higher at Rs 6095.10 on BSE. So in total, 0.16 lakh shares of the firm changed hands which amounted to a turnover of Rs 10 crore on BSE today while the market cap of the firm rose to Rs 1.01 lakh crore.
Also, the stock touched a 52-week high of INR 6505.50 on February 28, 2024 and a 52-week low of INR 4685.55 back on June 14, 2023.
Hence, indicating low volatility during the period, Dr Reddy’s Laboratories stock has a one-year beta of 0.5. And in terms of technicals, the relative strength index (RSI) of the firm stood at 58.1. This signals that it's trading in the neither overbought nor oversold.
