LIC sells 2% in Shipping Corporation of India
Life Insurance Corporation of India (LIC) sold 93.73 lakh equity shares, or 2.012% equity, of Shipping Corporation of India (SCI) between 21 October 2020 to 12 March 2021.
Post sale, LIC held 8.04% stake in SCI from 10.052% held earlier. The transaction was executed as market sale.
SCI's consolidated net profit tanked 55.4% to Rs 131.57 crore on a 30.9% decline in net sales to Rs 841.23 crore in Q3 FY21 over Q3 FY20.
SCI is the largest Indian shipping company. It is the only Indian shipping company operating: break-bulk services, international container services, liquid/dry bulk services, offshore services, passenger services. In addition, the SCI mans and manages a large number of vessels on behalf of various government departments and organizations.
Shares of SCI slipped 1.38% to Rs 121.80 on BSE. As of 31 December 2020, the Government of India held 63.75% stake in the company.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Mar 16 2021 | 9:24 AM IST