Hindalco gains after LIC hikes stake

Hindalco Industries rose 2.81% to Rs 141.10 at 11:58 IST on BSE after Life Insurance Corporation of India hiked its stake in the company by 2.041% through open market between 13 July 2010 and 15 April 2015.

Meanwhile, the BSE Sensex was down 87.10 points, or 0.30%, to 28,578.94.

On BSE, so far 5.53 lakh shares were traded in the counter, compared with an average volume of 7.39 lakh shares in the past one quarter.

The stock hit a high of Rs 141.30 and a low of Rs 137.65 so far during the day. The stock hit a 52-week high of Rs 198.70 on 25 July 2014. The stock hit a 52-week low of Rs 123.50 on 16 March 2015.

The stock had outperformed the market over the past one month till 16 April 2015, rising 8.16% compared with 0.80% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 0.87% as against Sensex's 1.93% rise.

The large-cap company has an equity capital of Rs 206.50 crore. Face value per share is Re 1.

Hindalco Industries issued a disclosure yesterday, 16 April 2015, that Life Insurance Corporation of India (LIC) acquired 4.21 crore shares, or 2.041% equity of Hindalco through open market between 13 July 2010 and 15 April 2015. Consequently, LIC's stake in Hindalco has risen to 11.328% from 9.287% earlier.

As per shareholding disclosure issued by Hindalco on Wednesday, 15 April 2015, LIC and its associates held 22.80 crore shares, or 11.05% stake in Hindalco as on 31 March 2015.

Hindalco Industries' net profit rose 7.6% to Rs 359.36 crore on 17.9% rise in total income to Rs 8815.51 crore in Q3 December 2014 over Q3 December 2013.

Hindalco, a part of Aditya Birla Group, is the aluminium rolling company. It is one of the three biggest producers of primary aluminium in Asia with the largest single location copper smelter.

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