Tech Mahindra Share Price Rises by 1%, LIC Increases its Stake
Tech Mahindra, one of India’s largest IT companies, saw a rise in its share price by 1% on Wednesday, closing at Rs. 1095.70. This follows news that the Life Insurance Corporation of India (LIC) has increased its stake in the company.
Here are the details:
LIC Increases its Stake in Tech Mahindra: According to information released by LIC after market hours, the company has purchased additional shares in Tech Mahindra. The company now holds 8.884% stake in Tech Mahindra, up from 6.869% previously. LIC purchased these shares from the open market.
Tech Mahindra’s Share Performance: Tech Mahindra’s share price has been underperforming for the past year, delivering negative returns of 3%. However, over the past three years, the company’s shares have delivered a positive return of 100%.
This news of LIC’s increased stake in Tech Mahindra has caused a stir in the market, with many investors looking to follow suit. The company’s shares are expected to perform better in the coming months, with LIC’s backing giving them a boost.
Overall, this news is a positive development for Tech Mahindra, and it remains to be seen how the company will perform in the coming months. Investors will be keeping a close eye on the company’s financial performance and share price movements.
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