Life Insurance Corporation of India (LIC) reduced its stake in Glaxosmithkline (GSK) Pharmaceuticals to 5.99% from 8% earlier.
LIC sold 34.02 lakh shares, or 2.009% stake, in GSK Pharma in the open market on 19 December 2019. The disclosure was made after market hours yesterday, 20 December 2019.
Shares of GSK Pharma fell 0.85% to Rs 1663.90 on Friday.
On the technical front, the stock's RSI (relative strength index) stood at 55.804. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at Rs 1592.12 and 200-day moving average (DMA) placed at Rs 1350.98. Both these levels would serve as support levels in the near term.
On a consolidated basis, GSK Pharma's net profit surged 398.6% to Rs 502.75 crore on 8% increase in net sales to Rs 882.02 crore in Q2 September 2019 over Q2 September 2018.
GSK Pharma is a one of the world's leading research-based pharmaceutical and healthcare companies.
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