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ICICI Lombard bucks weak market trend

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ICICI Lombard General Insurance Company advanced 1% to end at Rs 1205.40.

The counter witnessed multiple bulk deals on Thursday. FAL Corporation, a wholly-owned subsidiary of Canadian investor Prem Watsa's Fairfax Financial Holdings, sold 2.26 crore shares or 4.99% stake in the company at an average price of Rs 1129.68 per share.

As on 30 June 2019, Fal Corporation held 9.90% stake in ICICI Lombard.

The buyers included Aditya Birla Sun Life Mutual Fund, Aurigin Master Fund, Baillie Gifford Gifford Diversified Growth Fund, Caam Funds India, Canara Robeco Mutual Fund, Fid Funds Mauritius, Goldman Sachs Investments (Mauritius), ICICI Prudential Mutual Fund, IDFC Mutual Fund, Kuwait Investment Authority, L&T Mutual Fund, PCA India Infrastructure Equity, Pictetcountry Fund ( Mauritius), Reliance Mutual Fund, Reliance Nippon Life Insurance Company, SBI Mutual Fund, Sundaram Mutual Fund, Tata AIG Life Insurance Co, UTI Mutual Fund.

ICICI Lombard General Insurance Company's net profit rose 7.1% to Rs 309.81 crore on a 21.7% increase in the total income to Rs 2244.89 crore in Q1 June 2019 over Q1 June 2018.

ICICI Lombard General Insurance Company is one of the largest private sector general insurance company in India offering insurance coverage for motor, health, travel, home and student travel.

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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, September 27 2019. 15:59 IST