Life Insurance Corporation of India (LIC) has increased its stake in footwear major Bata India by 2.03%, taking its total shareholding to 7.05% in the company. The State-owned company has bought 26.11 lakh shares from open market during January 20 to December 8, 2016. LIC had 5.02 per cent stake in Bata India earlier.
For the second quarter ended September, Bata India reported 36.35% fall in net profit at Rs. 34.59 crore as against a net profit of Rs. 54.35 crore in the year-ago period. However, its total income from operations increased by 1.56% to Rs. 583.74 crore from Rs. 574.73 crore during the same period a year ago.
