LIC pares 2% stake in Hindustan Copper, holding down to 6.08%

Despite the announcement of LIC’s stake reduction, shares of Hindustan Copper were trading higher by 1.53% at ₹318.70 per share. At the same time, shares of LIC were trading higher by nearly 1% at ₹1,067.10 per share.

LIC’s lowered its stake in the company from the period starting 27 September 2023 to 16 August 2024. The company stated that the shares were sold in an open market sale. LIC’s average cost was reported at ₹221.64 per share.

Last week, the company had announced that it has decreased its shareholding in equity shares of Voltas. LIC previously held 2,26,85,279 equity shares in the company amounting to 6.85% of the paid-up capital. However, the insurance company reduced its holding to 1,57,31,283 equity shares or 4.75% of the paid-up equity capital of the company.

The reduction in LIC’s stake in Voltas occurred from 12 June 2024 to 12 August 2024 at an average cost of ₹1,502.93 per share.

For the quarter ended June 30, 2024, LIC reported a 9.61% year-on-year (YoY) rise in net profit to ₹10,461 crore. The company’s total premium income jumped 15.66% YoY to ₹1,13,770 crore while the total maturity claim paid climbed 21.21% YoY to ₹41,954 crore.

At the end of Q1FY25, LIC’s assets under management were up 16.22% YoY to ₹53,58,781 crore. The insurance company’s overall market share by first-year premium income (FYPI) grew to 64.02% compared to 61.42% in the corresponding period last year.

Shares of the company have risen by nearly 24% since the beginning of the year. The stock has gained over 63% in the past year.