State-run Life Insurance Corporation (LIC) has increased stake in Ambuja Cement. The insurer increased its stake from 4.99 per cent to 5.01 per cent.
The purchase was made in open market by the insurer. The insurer acquired 5.22 lakh shares or a 0.02 per cent stake on May 3, the company said in its filing.
Before the recent acquisition, LIC had around 9.90 crore shares or a 4.99 per cent stake in the cement company. According to the BSE website, until March 2021, LIC had a 4.62 per cent stake in the company.
Ambuja Cements Ltd, part of Swiss firm LafargeHolcim, on Thursday reported a 65.4 per cent jump in consolidated net profit to Rs 1,228.24 crore for the first quarter ended March 2021, helped by volume growth.
The company, which follows the January-December financial year, had clocked a net profit of Rs 742.59 crore in the January-March period a year ago, Ambuja Cements said in a BSE filing.
