 "LIC reduces stake in Britannia to 3.26%")
LIC, which had 5.30% stake earlier, brought down its shareholding in the company to 3.26% by selling shares between September 9, 2010, and September 27, 2013, Britannia said in a filing to the BSE.
During the first quarter ended June 30, 2013, Britannia Industries reported nearly two-fold rise in consolidated net profit at Rs 89.58 crore due to improvement in product mix and higher price realisation.
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The consolidated net profit was at Rs 46.50 crore for the same period of previous fiscal.
Company's consolidated income increased to Rs 1,539.62 crore in the April-June quarter, from Rs 1,348.15 crore during the same period last year.
Shares of Britannia Industries were trading at Rs 835.10 apiece, up 1.40% on the BSE in the afternoon trade.