LIC Reduces Stake In Tata Power, Shares Down 4%

Life Insurance Corporation of India reduced their stake in the Tata Group company, the former said in a regulatory filing.

What Happened: LIC offloaded 6.47 crore shares in Tata Power which makes up a 2.025% stake in the company. The shares were offloaded through open market transactions from the period between June 20 and November 11.

LIC currently holds 3.88% of the company. Its previous holding in the company was at 5.90%.

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Tata Power in its Q2 results posted a net profit of ₹1,093 crore, showcasing a 7.5% jump from the previous year. The company’s revenue went down 0.3% from the previous year to ₹15,697 crore. The power generation company’s solar engineering, procurement and construction order book was valued at ₹15,900 crore.

The company also inked a ₹550 crore deal with Noida International Airport to supply renewable energy to the airport operator. It also unveiled plans to develop two pumped storage assets in Maharashtra, with a combined capacity of 2.8 gigawatts.

LIC in its Q2 results saw a 3.8% drop in its standalone net profit to ₹7,620.86 crore. The insurer's net premium income increased 11.6% year on year to ₹1.19 lakh crore compared to ₹1.07 lakh crore.

Price Action: Tata Power’s shares fell 4.29% to ₹413 on Tuesday’s session.

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