Multimedia traffic is predicted to account for 82% of the total data traffic by the year 2020. With the increasing popularity of video streaming applications like YouTube, Netflix, Amazon Prime Video, popular video content is often required to be delivered to a large number of users simultaneously. Multicast transmission can be used for catering to such applications efficiently. The common content can be transmitted to the users on the same resources resulting in considerable resource conservation. This paper proposes various schemes for efficient grouping and resource allocation for multicast transmission in LTE. The optimal grouping and resource allocation problems are shown to be NP-hard and so, we propose heuristic algorithms for both these problems. We also formulate a Simulated Annealing based algorithm to approximate the optimal resource allocation for our problem. The LP-relaxation based resource allocation proposed by us results in allocations very close to the estimated optimal.