Life Insurance Company (LIC) has increased its shareholding in Voltas by buying an additional 2 per cent stake. The state-owned life insurer increased its shareholding from 2,27,04,306 shares (equivalent to 6.862 per cent) to 2,93,95,224 (8.884 per cent) in Voltas.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
LIC said it acquired Voltas’ shares worth Rs 634.50 crore through open market transactions during the period from August 10 to November 4, 2022. The transaction was carried out as an open market purchase at an average cost of ₹948.31 per share in Voltas.
Voltas is engaged in the business of air conditioning, refrigeration, electro-mechanical projects as an EPC (engineering, procurement and construction) contractor both in domestic and international market. Voltas has a market cap of around ₹27,609 crore. In Q2FY23, Voltas recorded a consolidated net loss of ₹7.41 crore to owners compared to a profit of ₹103.61 crore in Q2FY22. Consolidated revenue from operations stood at ₹1,768.36 crore in Q2FY23 versus ₹1,689.08 crore in Q2FY22.
Life Insurance Corporation of India is an Indian central public sector undertaking headquartered in Mumbai, Maharashtra, India. It is under the ownership of Ministry of Finance, Government of India. LIC is Indian state-owned insurance group and investment company. LIC which is the largest life insurer in India has market cap of over 4 Lakh crore.
Many cities around the world are given special names because of what they are best…
In ancient India, many powerful kings ruled large empires and were known for their bravery,…
Norway is a peaceful and beautiful country in Northern Europe. It is known for its…
The Unique Identification Authority of India (UIDAI) has taken a significant step towards improving public…
Odisha, a state in eastern India, has a rich history in culture, art and transport.…
Uttar Pradesh is one of the largest states in India and is known for its…