Life Insurance Corp. on Friday informed the stock exchanges that it has increased its stake in Hindalco Industries Ltd. by 0.01%, or 2,47,000 lakh shares, for Rs 16.35 crore.
The life insurance behemoth, while informing about the development to the stock exchanges, stated that its shareholding in the Aditya Birla Group company has risen to 5% or 11,25,35,358 shares. Earlier, its stake in the company was 4.99% or 11,22,88,358 shares.
The public sector company acquired the shares for an average price of Rs 661.79 via open market transactions.
LIC added that the acquisition doesn't count as a related party transaction and it purchased shares in the aluminium maker with the intention of investment.
Earlier this week, on Wednesday, LIC had received a notice from the Punjab government demanding a total of Rs 2.76 lakh, which included GST of Rs 76,518, interest of Rs 1,80,208 and penalty of Rs 20,000.
However, the insurance company had stated in an exchange filing that "the financial impact of the demand is to the extent of the GST, Interest and Penalty" and it won't have any "material impact on financials, operations or other activities of the Corporation".
In the quarter ended Sept. 30, the consolidated net profit of LIC declined 3.7% year-on-year to Rs 7,729 crore against Rs 8,030 crore in the year-ago period. The state-run insurer's net premium income grew 12% to touch Rs 1.2 lakh crore for the quarter as compared to Rs 1.1 lakh crore in the same period last year.
Shares of LIC closed 0.59% higher at Rs 983.30 apiece on the BSE, compared to a 0.07% decline in the benchmark Sensex.
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