LIC pares stake in NMDC, TIL

Life Insurance Corporation of India (LIC) disclosed that it decreased its stake in NMDC to 11.69% from 13.699% and in TIL to 8.076% from 10.199% earlier.

LIC sold 5,88,74,583‬ shares, or 2.009% equity, of NMDC at an average cost of Rs 119.37 via open market purchase during the period from 29 December 2022 to 14 March 2023.

LIC sold 2,12,947‬ shares, or 2.123% equity, of TIL at an average cost of Rs 157.48 via open market purchase during the period from 31 December 2021 to 13 March 2023.

NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As of 31 December 2022, the Government of India held 60.79% stake in the firm.

TIL is engaged in the manufacturing and marketing of comprehensive range of material handling, lifting, port and road construction solutions.

LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.

On the BSE, LIC was up 0.28% at Rs 580, NMDC rose 1.03% to Rs 117.60 and TIL added 0.27% to Rs 150.

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