i Develop Stocks Advisory

LIC hikes stake in Reliance Communications to over 5% State-run Life Insurance Corporation has increased its stake in Anil Ambani-led Reliance Communications to over five per cent. LIC has acquired three lakh shares representing 0.015 per cent stake in Reliance Communications through open market transaction on March 13, the company said in a filing to the Bombay Stock Exchange. Calculated on the basis of the closing share price of Reliance Communication on March 13 (Rs 501.45), the deal value amounts to Rs 15.04 crore. Prior to this transaction LIC had 103,080,576 shares amounting to 4.99 per cent stake in Reliance Communications, which increased to 103,380,576 (5.009