LIC raises stake in Dr. Reddy's
Life Insurance Corporation of India's stake in Dr. Reddy's Laboratories raced past the 8% mark recently with the country's largest institutional investor acquiring an additional, more than 2% in the generic drugmaker since October 2024.
From about 6.20%, the holding increased to 8.21% in a period of less than eight months through open market purchases. In terms of number of shares, LIC had acquired more than 1.67 crore during this period, the Hyderabad-headquartered pharma major said in a filing.
Dr. Reddy's shares closed 3.01% higher on Thursday at ₹1,289.90 apiece on the BSE.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Print
an hour ago
- The Print
Sensex jumps over 700 points, Nifty reclaims 25,000-level as investors cheer RBI's jumbo rate cut
The policy is broadly positive for growth and investment in a challenging global macro environment, they said. Market analysts said in light of benign inflation forecasts, RBI has taken steps to boost growth. A 50 bps repo rate cut supported by phased 100 basis points CRR cut will boost growth and lower the borrowing costs. Mumbai, Jun 6 (PTI) Benchmark indices Sensex and Nifty surged nearly 1 per cent on Friday, driven by a rally in rate-sensitive sectors following the Reserve Bank's jumbo rate cut of 50 basis points. After a muted start, benchmark sensitive index Sensex and Nifty soon recovered all the early lost ground fuelled by the RBI monetary policy decision and gained over 1 per cent. The 30-share BSE Sensex ended the day higher by 746.95 points, or 0.92 per cent, to settle at 82,188.99. During the day, it surged 857.85 points, or 1.05 per cent, to 82,299.89. The 50-share NSE Nifty reclaimed the 25,000-level and climbed 252.15 points, or 1.02 per cent, to settle at 25,003.05. All key sectors contributed to the rally, with rate-sensitive segments such as realty, financials, and auto emerging as top gainers, closely followed by others. Among sectoral indices, realty jumped 4.74 per cent, financial services (1.79 per cent), metal (1.56 per cent), auto (1.50 per cent), consumer discretionary (1.38 per cent), consumer durables (1.30 per cent) and bankex (1.25 per cent). Industrials and capital goods were the only laggards. Interest-rate-sensitive realty index jumped 4.74 per cent, while auto index went up 1.50 per cent and bankex climbed 1.25 per cent. 'The tone was initially cautious ahead of the outcome of the MPC's monetary policy review, but sentiment turned sharply positive following the surprise announcement of a 50-basis points repo rate cut and a staggered 100 basis points reduction in the CRR. This triggered a strong upward move, followed by a range-bound phase for the remainder of the session,' Ajit Mishra – SVP, Research, Religare Broking said. Mishra further noted that 'going forward, the impact of the rate cut is expected to continue influencing market sentiment. The rate-sensitive pack, along with select themes like railways, are likely to stay in focus, while other sectors may contribute on a rotational basis.' The BSE midcap gauge jumped 0.91 per cent and smallcap index climbed 0.43 per cent. As many as 2,278 stocks advanced while 1,744 declined and 134 remained unchanged on the BSE. According to Dhiraj Relli, MD & CEO, HDFC Securities, several external headwinds — ranging from US tariff policies and global trade tensions to sluggish worldwide growth and geopolitical risks — have weighed on domestic economic prospects, reinforcing the rationale for monetary easing. 'With enhanced liquidity and reduced borrowing costs, conditions are now set for sustained economic momentum and a market recovery. Rate-sensitive sectors responded enthusiastically to the announcement, reflecting renewed investor confidence. This stimulus could propel Indian equity markets beyond their current trading range, potentially pushing the Nifty past 25,000 and toward previous highs of 26,200,' Relli said. On the weekly front, the BSE benchmark surged 737.98 points or 0.90 per cent and Nifty jumped 252.35 points or 1 per cent. Global oil benchmark Brent crude dipped 0.46 per cent to USD 65.04 a barrel. In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled in the positive territory while Hong Kong's Hang Seng ended lower. European markets were on a mixed note, while the US markets ended lower on Thursday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 208.47 crore on Thursday, according to exchange data. PTI SUM DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
an hour ago
- Time of India
Hyderabad-based skincare firm OSR hit by Rs 12.7 crore Google Ads cyber fraud
Old School Rituals (OSR), a Hyderabad-based natural skincare and haircare company, has become the victim of a major cyber fraud involving an unauthorised Google Ads expenditure of Rs 12.7 crore. An unidentified offender reportedly gained access to the company's Google Ads account and placed thousands of ads for US-based companies over a 48-hour period. The fraud came to light when ENSO Business Consulting, OSR's digital marketing agency, discovered an unusual advertising campaign that ran on May 17 and 18. The campaign generated more than 2.1 million clicks but resulted in zero conversions, raising immediate red flags. ENSO promptly informed OSR, and the company's management directed the agency to launch a detailed investigation, according to TOI report. Shashanka Kancharla, director of Old School Inspirations Private Limited, which operates OSR, filed a formal complaint with the Telangana Cyber Security Bureau (TGCSB) headquarters on Wednesday. According to the complaint, OSR usually maintains a daily advertising budget of Rs 10,000 to Rs 15,000, making the unauthorised spend nearly 850 times the usual amount. "This was neither authorised by us nor aligned with our marketing strategy," Shashanka stated in his complaint. The company operates from Hyderabad's Financial District and primarily sells its products through its official website and select partner platforms. Shashanka and his wife, singer and actress Smita Valluripalli, serve as directors of the company. ENSO Business Consulting, which has managed OSR's digital marketing for the past 10 months, submitted a detailed incident report on May 21. The report indicated that the breach may have occurred due to a compromise of the Google Ads account or an employee's credentials. ENSO also noted that it did not receive the usual ad placement notifications during the two-day window when the fraudulent activity occurred. "Verify if any hacking or compromise of credentials occurred. Facilitate the recovery or reversal of the fraudulent ad spend. Treat this as a case of cyber crime involving account hacking and significant financial loss," Shashanka stated in his complaint. Following the fraud, a Google Ads bill of Rs 12.7 crore was raised against OSR. Thousands of ads linked to US-based businesses had been placed through OSR's ad account by an unknown individual. The company has since informed Google about the incident and suspected hacking. Based on the complaint, TGCSB's headquarters police station registered a case under Section 318(4) (cheating and dishonestly inducing delivery of property) of the Bharatiya Nyaya Sanhita (BNS), and Sections 43, 66, and 66-C of the Information Technology Act. Investigators are currently analysing the technical evidence and have contacted Google for further details that may help identify the accused. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
an hour ago
- Time of India
Decentro raises Rs 30 crore, plans reverse flip to India
Representative image Bengaluru: Fintech infrastructure startup Decentro has raised Rs 30 crore in a Series B funding round led by InfoEdge Ventures, with participation from Stargazer Growth and existing backers such as Uncorrelated Ventures. As part of the move, the company also plans to reverse flip its parent entity from Singapore back to India within the next 12-18 months. The Bengaluru-headquartered API platform, which powers over Rs 50,000 crore in annual payment volumes across over 1,300 clients, said it has turned profitable and will use the new capital to deepen enterprise adoption across KYC, payments and debt collections. Founded by Rohit Taneja and Pratik Daudkhane, Decentro has positioned itself as a backend fintech infrastructure player, powering banking and financial workflows for NBFCs, fintech firms, digital lenders, and banks. 'This fundraise allows us to double down on deep partnerships with enterprise customers and build products that power mission-critical financial flows,' said Taneja. As part of its product expansion, the company has recently rolled out two AI-powered modules – Scanner, a real-time user profiling and risk engine, and Neobot, a multilingual AI voice agent aimed at automating debt collections. Neobot targets India's Rs 10 lakh crore non-performing asset (NPA) burden by providing voice-based recovery support for lenders. The company's payments stack remains its largest revenue contributor. Decentro said the new funds will also be deployed to strengthen its go-to-market efforts across financial institutions. With its planned flip to India, Decentro joins a growing number of fintech startups choosing to domicile locally amid a maturing ecosystem and evolving regulatory landscape. 'We are building not just for India, but from India for global opportunities,' said Daudkhane. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
