Life Insurance Corporation of India (LIC) acquired more than 2% stake in Mahanagar Gas (MGL) via open market transactions.
LIC acquired 19,83,001 shares, or 2.007% stake in MGL via market purchase between 20 October 2020 to 4 January 2022.Following the purchase, LIC's stake in MGL has increased to 7.015% from 5.008% earlier.
MGL reported 41.5% rise in net profit to Rs 204.29 crore on 63.8% increase in net sales to Rs 830.14 crore in Q2 FY22 over Q2 FY21.
MGL is one of the India's leading natural gas distribution companies. GAIL (India) (Maharatna Company of Govt. of India) is the promoter of MGL and held 32.50% stake in the company.
Shares of MGL were up 0.38% at Rs 880.80.
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