NTPC stock gains over 2.5 pc after LIC hikes stake

Shares of NTPC rose by over 2.5 per cent today as the state-owned Life Insurance Corporation (LIC) increased its stake in the power producer by 3.90 per cent after buying 32.15 crore shares in the open market.
The stock went up 2.41 per cent to settle at Rs 121.35 on BSE. Intra-day, it jumped 2.78 per cent to Rs 121.80.
On NSE, it rose 2.57 per cent to close at Rs 121.55.
On the volume front, 10.44 lakh shares of the company changed hands at BSE and over 70 lakh at NSE during the day.
LIC, which had 9.08 per cent stake in NTPC earlier, raised its shareholding to 12.98 per cent by buying shares between July 25, 2014, and February 24, 2016, NTPC said in a filing to BSE.

LIC's stake increase in NTPC follows its participation in this week's offer of sale (OFS) by the government.
Earlier this week, the government raised about Rs 5,030 crore from sale of its 5 per cent stake in NTPC, with insurance companies getting almost two-thirds of shares, but retail participation was lukewarm amid a free fall of stock markets.