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LIC increases stake in Tata Steel

17 Aug 2011 Evaluate

Life Insurance Corporation of India has acquired 9.4 lakh shares in Tata Steel from the open market, thereby increasing its holding in the steel-making firm to a little over 14%. After the acquisition of additional shares on August 12, LIC currently holds 13.49 crore shares, or a 14.06% stake in the firm.  LIC had a 13.97% stake in Tata Steel before the latest transaction.

Tata Steel's promoters, including Tata Sons, held a 30.60% stake in the company, as of June-end.

Tata Steel’s net profit for the quarter ended June 30, 2011 rose by 40.52% at Rs 2219.43 crore as compared to Rs 1579.39 crore for the corresponding quarter last year.

Peers
Company Name CMP
JSW Steel 1187.00
Tata Steel 167.25
Steel Authority 165.00
Jindal Stainless 688.40
APL Apollo Tubes 2021.00
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