Sintex Ind gains on LIC stake buy

Sintex Industries is trading higher by 5% at Rs 60.80, extending its previous day around 1% gain, after the company said that the public sector insurance giant Life Insurance Corporation of India (LIC) has acquired shares worth of Rs 6 crore through open market transaction.

“LIC has bought 1,000,000 shares representing 0.37% stake in the company via open market purchase on June 14,” Sintex Industries said in a filing.

After these acquisitions, the total holding of LIC increased to 5.25% from 4.88% earlier, it added.

The stock opened at Rs 58.20 and touched high of Rs 61.10 on the Bombay Stock Exchange. A combined 3.24 million shares have changed hands on the counter so far on both the exchanges.