LIC Increases Stake in SAIL; Share Price Rises
India’s largest life insurance company, LIC, has increased its stake in the state-owned steel producer, SAIL. The transaction was done through the open market, and LIC’s stake in SAIL has now risen to 8.687%, an increase of 2.001%. The number of shares in SAIL has increased to 35.88 crores from 27.61 crores.
ICICI Securities, the brokerage firm, has recommended buying SAIL shares after LIC’s purchase. The share price of SAIL rose by 2.45% to close at Rs. 74.10 on Friday.
LIC purchased 8 crore shares of SAIL at an average price of Rs. 66.18 per share. The insurance company said that the stake increase was made between October 14, 2021, and June 8, 2023.
SAIL is one of India’s largest steel producers and is one of the country’s public sector enterprises. The company was designated as a Maharatna company by the Government of India in 2010.
The purchase of SAIL shares by LIC is a positive development for the company and the steel industry as a whole. It shows that there is confidence in the industry’s long-term prospects.
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