Ambuja Cements gains after LIC hikes stake

Ambuja Cements rose 1.61% to Rs 311.75 after Life Insurance Corporation of India (LIC) purchased 5.22 lakh equity shares or 0.02% stake of the company on Monday, 3 May 2021.

Post transaction, LIC has increased its shareholding in Ambuja Cements to 5.01% from 4.99% held earlier. The deal was executed in an open market on 3 May 2021.

Ambuja Cements' consolidated net profit surged 65.4% to Rs 1,228.24 crore on a 23.4% rise in net sales to Rs 7,714.81 crore in Q1 FY21 over Q1 FY20.

Ambuja Cements is one of the leading cement companies in India.

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