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Aurobindo Pharma spurts after LIC picks up stake

Capital Market 

Aurobindo Pharma advanced 2.43% to Rs 685.50 after Life Insurance Corporation of India (LIC) bought 79,000 equity shares or 0.02% stake of Aurobindo Pharma on 24 November 2021.

Post transaction, Life Insurance Corporation of India (LIC) increased its shareholding to 2,93,55,635 equity shares or 5.01% stake from 2,92,76,635 equity shares or 4.99% stake held in Aurobindo Pharma. The deal was executed as market purchase.

As of 30 September 2021, Life Insurance Corporation (LIC) of India held 4.34% stake in Aurobindo Pharma.

On a consolidated basis, Aurobindo Pharma's net profit fell 13.7% to Rs 696.71 crore on 7.7% decline in net sales to Rs 5,889.93 crore in Q2 FY22 over Q2 FY21.

Aurobindo Pharma headquartered at Hyderabad, India, develops, manufactures and distributes generic pharmaceuticals, branded specialty pharmaceuticals and active pharmaceutical ingredients.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 26 2021. 12:29 IST