The Life Insurance Corporation of India (LIC) on Friday bought stakes in state-owned steel production firm Steel Authority of India Ltd (SAIL) by nearly 2 percent through an open market acquisition.
The state-owned insurance company bought 8.26 crore shares at an average price of Rs 66.18 per unit. It is 2.001 percent of equity capital, the insurer said in a regulatory filing.
These additional shares were bought by the insurer between October 14, 2022, and June 8, 2023, for about Rs 547 crore. This increased LIC's holding in SAIL to 8.68 percent. Prior to October 2022, it held a 6.68 percent stake in the Maharatna firm.
SAIL reported total revenue of Rs 29,131 crore for the quarter ended March 2023, which declined by 5 percent year-on-year compared to Rs 30,759 crore in the corresponding quarter a year ago.
The state-owned steelmaker had employee benefit expenses of Rs 3,439 crore in the March quarter, against Rs 3,035 crore in the year-ago period. This figure was Rs 2,777 crore in the December 2022 quarter.
Higher raw material costs and finance costs also squeezed SAIL's margin. Finance costs stood at Rs 517 crore from Rs 440 crore during the same period last year.
The steelmaker’s borrowings as per IndAS norms stood at Rs 30,773 crore in the March quarter as against Rs 33,779 crore in the December quarter.
(Edited by : Keshav Singh Chundawat)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM
Odisha: Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 10:22 AM
Lok Sabha Election 2024: What rural Delhi wants
May 16, 2024 10:10 PM
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM