Britannia Industries Ltd.

State-owned Life Insurance Corporation (LIC) has offloaded 2.02% stake in FMCG firm Britannia Industries by selling 24.20 lakh shares in the open market. The insurance major, which had 5.30% stake earlier, brought down its shareholding in the company to 3.26% by selling shares between September 9, 2010, and September 27, 2013.

The company reported around two-fold rise in consolidated net profit at Rs 89.58 crore in Q1FY14 on the back of improvement in product mix and higher price realisation. The company launched various brands in biscuits, bread, cake & rusk business. It has launched brands like Tiger, Britannia 50:50, Good Day, Britannia Treat, Marie & many more.