LIC sells over 82 lakh shares of SAIL, cuts stake by 2.01%

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Life Insurance Corporation of India (LIC) has offloaded 82,802,533 equity shares oregon 2.01 per cent involvement successful Steel Authority of India (SAIL). Post this transaction, LIC's involvement successful the institution has decreased to 6.68 per cent from 8.69 per cent.

The beingness insurer executed the merchantability done unfastened marketplace transactions.

SAIL is 1 of the largest steel-making companies successful India and 1 of the Maharatna nationalist assemblage undertaking. It produces robust and alloy astatine 5 integrated plants and 3 peculiar alloy plants, located principally successful India's eastbound and cardinal regions and situated adjacent to home sources of earthy materials.

SAIL manufactures and sells a wide scope of alloy products. As of March 31, 2021, the Government of India held 65.07 per cent involvement successful the company.

In June 2021, LIC had offloaded 8,32,84,667 equity shares oregon 2.02 per cent involvement successful the company. LIC had past decreased its involvement successful SAIL to 8.69 per cent from 10.71 per cent earlier.

ICICI Direct expects SAIL to study a nett net astatine Rs 4,677 crore, up 2,637 per cent year-on-year (YoY) (up 21 per cent quarter-on-quarter) in July-September quarter, portion nett income are expected to summation by 57 per cent YoY (up 29 per cent connected quarter) to Rs 26,563 crore.

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