Aarti Industries gains after LIC of India raises minor stake

Aarti Industries rose 1.32% to Rs 899 after Life Insurance Corporation of India (LIC) bought 2.24 lakh equity shares or 0.062% stake in the company, on Friday, 22 April 2022.

Post transaction, Life Insurance Corporation of India (LIC) increased its shareholding to 1.82 crore equity shares or 5.035% stake from 1.80 crore equity shares or 4.973% stake. The deal was executed as a market purchase.

As per reports, the much-awaited initial public offering of the Life Insurance Corporation of India (LIC) is likely to open on 4 May 2022 and close on 9 May 2022. The government is likely to price LIC IPO at Rs 950-1,000 per share. By seeking Rs 21,000 crore from the proposed IPO, the government targets a valuation of Rs 6 trillion for the insurer.

 

Aarti Industries' consolidated net profit surged 356.6% to Rs 772.54 crore on a 100.2% jump in net sales to Rs 2,375.98 crore in Q3 FY22 over Q3 FY21.

Aarti Industries is a manufacturer of specialty chemicals and pharmaceuticals.

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