LIC hikes stake in Hindalco to over 13%
Aditya Birla-led Hindalco today said insurance giant LIC has raised its stake in the aluminium maker to over 13 per cent. In a BSE filing, Hindalco said LIC acquired 2.009 per cent stake in the firm through open market transaction between April 16 and June 17, 2015. After the transaction, the state-run firm's stake in Hindalco increased from 11.328 per cent to 13.337 per cent. The aluminium maker had reported a 36 per cent fall in standalone net profit to Rs 160 crore for the quarter ended March 31 against Rs 248 crore in the year-ago period, mainly on account of Rs 146 crore liability towards Renewable Power Obligations (RPO).
The Aditya Birla Group flagship firm's standalone net sales rose by 10 per cent to Rs 9,219 crore in January-March quarter, from Rs 8,360 crore in the same quarter of 2013-14. Meanwhile, Hindalco shares today rose 1.31 <g data-gr-id="14">per cent</g> to settle at Rs 120.10 apiece on BSE.