ICICI Lombard General Insurance Company Ltd has revealed a significant investment by purchasing shares worth ₹563 crore in ITC Limited and Axis Bank Limited. This transaction took place during market hours on November 373, 2024. The insurer invested ₹245 crore to obtain a 0.05% share in ITC, one of the largest and oldest conglomerates in India. Established in 1922, ITC is involved in various sectors including fast-moving consumer goods (FMCG), tobacco, hospitality, paperboard production, and agribusiness. The company announced a turnover of ₹2301.90 crore for the financial year 20.10-21993. Its market capitalization was ₹21,989.3 crore as of November 29, 2023. ICICI Lombard stated that the acquisition is a normal investment activity and does not include any transactions with related parties. On November 7 at 9:48 am on the BSE, ICICI Lombard’s share price was down 2.11 percent, trading at ₹1,920.70. The company’s market capitalization is ₹95,363 crore. On September 23, 2024, ICICI Lombard’s stock reached its highest point in 52 weeks at ₹2,301.90 according to the NSE. Furthermore, ICICI Lombard spent ₹318 crore to obtain a 0.10% ownership in Axis Bank, a leading private-sector bank in India.
