 "Bata India gains on LIC stake hike")
Bata India has moved higher by 7% to Rs 507 on the BSE after the company said insurance giant Life Insurance Corporation of India (LIC) increased its stake in the company via open market.
LIC bought an additional 38,090 equity shares representing 0.03% stake of Bata India on January 19, through open market, Bata India said in a regulatory filing today.
Post acquisition, LIC holding in Bata India cross 5% mark to 5.021% from 4.991% earlier, it added.
The stock hit a 52-week low of Rs 438 on January 21 in intra-day trade, recovered more than 16% since then as compared to 2.4% gain in the S&P BSE Sensex.
At 01:22 p.m. the stock was up 4% at Rs 493 on the BSE. The trading volumes on the counter nearly doubled with a combined 557,820 shares changed hands on the BSE and NSE so far.
LIC bought an additional 38,090 equity shares representing 0.03% stake of Bata India on January 19, through open market, Bata India said in a regulatory filing today.
Post acquisition, LIC holding in Bata India cross 5% mark to 5.021% from 4.991% earlier, it added.
The stock hit a 52-week low of Rs 438 on January 21 in intra-day trade, recovered more than 16% since then as compared to 2.4% gain in the S&P BSE Sensex.
At 01:22 p.m. the stock was up 4% at Rs 493 on the BSE. The trading volumes on the counter nearly doubled with a combined 557,820 shares changed hands on the BSE and NSE so far.