State-run insurer BSE-S0005258″ data-name=”Life Insurance Corporation of India”>Life Insurance Corporation of India has reduced stake in NMDC Ltd by 2 per cent between 14 March, 2023, and 20 June, 2023.
LIC’s holding in state-run iron ore mining company NMDC Ltd now stands at 9.620 per cent from 11.690 per cent, with an estimated value of ₹650.3 crore based on Monday’s closing price.
LIC’s sold around 6 crore shares in NMDC. The company trimmed its holding from 34,25,97,574 to 28,19,33,850 equity shares between 14 March, 2023, and 20 June, 2023.
NMDC has a market capitalization of ₹31,269.56 crore.
LIC increased its stake in Steel Authority of India Ltd (SAIL) by 2 per cent between October 2021 and March 2023. The insurer’s stake has been raised by 2.001 per cent to 8.687 per cent in SAIL.
apiece between October 14, 2021, and June 8, 2023.
Additionally, LIC raised its stake in the IT company, Tech Mahindra Ltd, from 6.87 per cent to 8.88 per cent since November. The insurer bought 19.6 million shares in Tech Mahindra between November 21 and June 6.
In May, LIC cut its holding in NHPC to 3.19 per cent from 3.48 per cent since October. LIC stated in its official report that it sold shares worth ₹832.8 crore between October 18, 2022 and May 23, 2023.
LIC posted impressive growth in the bottom-line for the fourth quarter of FY23. Consolidated Q4 FY23 PAT stood at ₹13,190.79 crore, rising by a breathtaking 447.47% or 5.5 folds year-on-year. In the previous fiscal’s Q4, the PAT stood merely at ₹2,409.39 crore.
Sequentially, the growth was 107.77% in Q4 PAT. In December 2023 quarter, the PAT stood at ₹6,348.71 crore.
On Wednesday, NMDC Ltd scrip ended 0.47 per cent to ₹106.70 on BSE, whil the shares of LIC ended 0.92 per cent up at ₹636.25 on BSE.
