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LIC hikes stake in Grasim Inds

Capital Market 

State-owned Life Insurance Corporation (LIC) of India has purchased 1.33 crore equity shares (2.033% equity) of Grasim Industries.

Following the transaction, LIC has increased its shareholding in Grasim Industries to 11.864% from 9.831% earlier. The transaction took place through open market purchases between 14 May 2019 and 24 September 2020.

LIC is an Indian state-owned insurance group and investment corporation owned by the Government of India.

Grasim Industries' consolidated net profit slumped 66.6% to Rs 620.74 crore on 32.2% decrease in net sales to Rs 13,621.10 crore in Q1 June 2020 over Q1 June 2019.

Grasim Industries is a leading manufacturer in cement, viscose staple fibre and chemicals. Shares of Grasim Industries spurted 4.06% to Rs 708 on Friday, 25 September 2020.

The scrip has galloped 86.31% from its 52-week low of Rs 380 hit on 25 March 2020. On the technical front, the stock's RSI (relative strength index) stood at 52.919 on Friday. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 662.99 and its 200-day moving average (DMA) placed at 642.11.

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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: Sat, September 26 2020. 12:55 IST