The recent shareholding pattern released by Dr Lal PathLabs Ltd on the BSE showed that insurance giant Life Insurance Corporation Of India (LIC) has picked up stake in the healthcare company during the October-December 2021 period. Shares of Dr Lal PathLabs surged over 2% at ₹3,765 apiece on the BSE in Thursday’s early deals.
LIC name has appeared in the December shareholding of Dr Lal PathLabs as it has bought 1.12% stake or 9,31,246 equity shares in the diagnostic services provider during the third quarter (Q3) of the current fiscal, BSE data showed. The state-owned insurer and investment giant did not hold any stake in the firm as of the previous quarter of July-September 2021 period.
On the other hand, mutual funds (MFs) have increased their holding in the company as their stake stands at 3.34% or 27,82,681 shares as of December end, an increase from 3.26% or 27,17,883 shares during the second quarter.
Dr Lal PathLabs shares have surged over 55% in a year’s period whereas the stock is up over 6% in the last six months as compared to a 16% rise in benchmark Sensex. One of India’s top diagnostic chains, the company has locations for its diagnostic laboratory services with over 5000+ diagnostic tests and related healthcare tests and services offered.
The company had posted a 10.6% increase in its consolidated net profit at ₹96 crore for the second quarter ended September 2021 from ₹87.1 crore in the year-ago period. The revenue rose by 15.4% to ₹498.4 crore during the quarter as compared with ₹431.9 crore in Q2FY21.
Separately, IPO-bound LIC has also bought fresh stake in Tata group company Tata Elxsi during Q3FY22 with 1.04% equity, BSE data showed.
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