Life Insurance Corp. has increased its stake in Indian Railway Catering and Tourism Corp. to 9.3% from 7.3% over nearly two years. LIC's shareholding rose from 5.82 crore shares to 7.44 crore shares during the period between Dec. 16, 2022, and Sept. 11, 2024, according to an exchange filing on Thursday.
IRCTC, a Miniratna company, holds exclusive rights granted by the Union government to manage online railway ticket bookings, catering services, and packaged drinking water sales at railway stations and on trains across the country. This increase in LIC's stake is part of its regular investment activities.
Shares of LIC closed 1.77% higher at Rs 1031.60 apiece, compared to a 1.89% advance in the benchmark Nifty. The stock has risen 56.39% on a year-to-date basis and 23.92% in the past 12 months.
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