The state-run insurance major on Tuesday (27 September 2022) announced that it acquired 2.01% stake in state-owned oil marketing firm.
Life Insurance Corporation of India (LIC)'s shareholding in Bharat Petroleum Corporation Limited (BPCL) has increased from 15,25,08,269 to 19,61,16,164 equity shares, increasing its shareholding from 7.030% to 9.041%."There is an increase of more than 2 per cent in the holding during the period from 28 December 2021, to 26 September 2022," LIC said in the filing.
The shares were bought through the open market at an average cost of Rs 336.43 per share.
BPCL is engaged in refining of crude oil and marketing of petroleum products. It reported a standalone net loss of Rs 6,290.80 crore in Q1 FY23 from a net profit of Rs 1,559.62 crore posted in Q1 FY22. Net sales (excluding excise duty) climbed 70.7% to Rs 121,065.89 crore in Q1 FY23 as against Rs 70,921.28 crore recorded in the corresponding quarter previous year.
Shares of BPCL fell 0.45% to Rs 309.25 while shares of LIC declined 0.74% to Rs 624.40 on the BSE.
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