Life Insurance Corporation of India (LIC) sold 32,17,919 equity shares, or 2.07% stake, of Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) from 26 August 2018 to 14 September 2021.Post transaction, LIC has reduced its stake in GNFC to 5.735% from 7.805% held earlier. The deal was executed as market sale and the announcement was made during trading hours today, 16 September 2021.
GNFC was down 1.28% at Rs 339.55 on BSE. Shares of GNFC saw profit selling after a four-day rally. The counter added 3.4% in four consecutive sessions to Rs 343.95 on 15 September 2021 from its recent closing low of Rs 332.65 on 8 September 2021.
GNFC is engaged in operating businesses in the industrial chemicals and fertilizers segment. On a consolidated basis, the company posted a steeply higher net profit of Rs 241.8 crore in Q1 FY22 as compared to a net profit of Rs 2.97 crore in Q1 FY21. Net sales jumped 99% to Rs 1,394.32 crore in Q1 FY22 over Q1 FY21.
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