GAIL India gains 5% after LIC raises stake in company1 min read . Updated: 09 Jul 2020, 01:34 PM IST
- GAIL India's March quarter profit jumped 216% year-on-year to ₹4,813.88 crore while net sales fell 6% year-on-year to ₹17,922.79 crore during the period
MUMBAI: Shares of GAIL India rose 4.6% on Thursday following news of Life Insurance Corporation of India (LIC) buying an additional 2.014% stake in the state-run energy major.
At 0120 pm, shares of GAIL India traded at ₹106.4, up 3.6% from previous close, while the benchmark Sensex was up 0.7% at 36584.78.
LIC bought 203.71 million shares or 2.014% stake in GAIL India via open market purchases between 13 February, 2019 and 7 July, 2020. Following the transaction, LIC's stake in GAIL India has increased to 7.019% from 5.004% earlier.
GAIL India's March quarter profit jumped 216% year-on-year to ₹4,813.88 crore while net sales fell 6% year-on-year to ₹17,922.79 crore during the period.
Since the beginning of 2020, GAIL India shares have declined 12%. From its March lows, the stock has risen 63%.
As of 31 March, the government held 52.49% stake in the company.