Shares of Granules India Ltd. climbed nearly 3% on monday hitting an intraday high of ₹474.74, after Life Insurance Corporation of India (LIC) increased its stake in the pharmaceutical company to 5.02%.

PSU insurance giant, LIC purchased an additional 17.83 lakh shares between January 1 and March 3, raising its holding from 4.26% as of December.

At around 2:50 pm, Granules India stock was trading at ₹473.55 on the BSE, up 2.6% from the previous close, following LIC’s increased investment. The move reflects growing institutional confidence in the Hyderabad-based pharma firm.

Granules India manufactures Active Pharmaceutical Ingredients (APIs), Formulation Intermediates (PFIs), and Finished Dosages (FDs), catering to global markets.

Also read: Granules India Gagilapur unit gets USFDA warning letter, new product approval to see impact

Meanwhile, LIC shares were trading at ₹730.00, down 1.40% on the BSE at the same time.