 "Asian Paints shares rise on bourses; here's what driving rally in stock")
Asian Paints shares rose 1.5 per cent in trade on Wednesday and logged an intraday high of Rs 2,427.8 per share on BSE. The buying in the stock sparked after Life Insurance Corporation of India (LIC) increased its shareholding in the paint company.
Around 12:13 PM, Asian Paints share price was up 1.35 per cent at Rs 2,422 per share on BSE. In comparison, BSE Sensex was up 0.16 per cent at 81,642.49. The market capitalisation of the company stood at Rs 2,32,317.7 crore. The 52-week high of the stock was at Rs 3,422 per share and 52-week low of the stock stood at Rs 2,370 per share.
The insurance behemoth hiked its shareholding in equity shares from 4,79,66,302 to 6,72,40,527 shares which implies an increase of around 2 percentage points.
LIC increased the stake in Asian Paints from 5.001 per cent to 7.010 per cent of the paid-up capital through an open market transaction.
"This is to inform that the Life Insurance Corporation of India has increased its shareholding in equity shares of Asian Paints Ltd. from 4,79,66,302 to 6,72,40,527 i.e., 5.001 per cent to 7.010 per cent of the paid-up capital of the said company," LIC's filing read.
Asian Paints Limited is India’s largest and one of the leading global manufacturers of paints, coatings, and home décor products. Established in 1942 and headquartered in Mumbai, the company has evolved into a market leader, offering innovative and high-quality products across decorative and industrial paint segments. With operations in over 15 countries and serving customers in more than 60 countries, Asian Paints is recognised for its strong brand presence and customer-centric approach.
LIC is the largest life insurance company in India and one of the most prominent public sector financial institutions in the country. Established in 1956, LIC was formed by merging 245 insurance companies and provident societies, with the objective of spreading life insurance more widely, particularly in rural areas, and mobilizing public savings to support nation-building activities. Headquartered in Mumbai, LIC is wholly owned by the Government of India and plays a crucial role in the Indian financial ecosystem.
In the past one year, Asian Paints shares have lost 26 per cent against Sensex's rise of 16.5 per cent.