Dr Reddy’s Laboratories shares in news today after LIC raises stake

Shares of pharma firm Dr Reddy’s Laboratories are in news today after Life Insurance Corporation of India said it has s increased its shareholding in the pharma firm. LIC now holds 83,69,879 equity shares against 82,61,579 equity shares earlier, said the Life insurer in a communication to bourses. The stake has now been raised from 4.95% to 5.01% of the paid-up capital of the said company. It further said shares were acquired on June 12 at an average cost of Rs 6059.82.

Dr Reddy’s Laboratories stock ended 0.53% higher at Rs 6095.10 on BSE in the previous session. Total 0.16 lakh shares of the firm changed hands amounting to a turnover of Rs 10 crore on BSE today. The market cap of the firm rose to Rs 1.01 lakh crore.     

The stock touched a 52-week high of Rs 6505.50 on February 28, 2024 and a 52-week low of Rs 4685.55 on June 14, 2023.     

Dr Reddy’s Laboratories stock has a one-year beta of 0.5, indicating low volatility during the period.  In terms of technicals, the relative strength index (RSI) of the firm stood at 58.1, signaling it's trading in the neither in the overbought nor in the oversold zone.