LIC hikes stake in JSW Steel

Life Insurance Corporation of India (LIC) bought 7,17,000 equity shares or 0.029% stake of JSW Steel on Tuesday, 3 August 2021.

Post transaction, Life Insurance Corporation of India (LIC) increased its shareholding to 12,09,02,851 equity shares or 5.001% stake from 12,01,85,851 equity shares or 4.972% stake held in the steel manufacturer.

The deal was executed in open market. The announcement was made after trading hours yesterday, 4 August 2021.

The steel major's consolidated net profit stood at Rs 5,900 crore in Q1 June 2021 (Q1 FY22) as compared to a net loss of Rs 582 crore in Q1 June 2020 (Q1 FY21). Consolidated net sales soared 148.2% to Rs 28,432 crore in Q1 FY22 as against Rs 11,454 crore in Q1 FY21.

 

JSW Steel is India's leading integrated steel company with a steel-making capacity of 28 million tonnes per annum (MTPA) in India & USA, including capacities under joint control & new capacity to be commissioned at Dolvi during this year.

Shares of JSW Steel gained 0.14% to Rs 748.60 on BSE. The stock has traded in the range of Rs 740.45 to Rs 750.95 so far.

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