LIC Increases Its Stake in Bata India

Life Insurance Corporation (LIC) has hiked its stake in Bata India by 2.03 per cent, taking its total shareholding to 7.05 per cent in the company.

LIC bought 26.11 lakh shares, amounting to 2.03 per cent stake, from open market during January 20 to December 8, 2016, according to a regulatory filing.

LIC had 5.02 per cent stake in Bata India earlier.

For the second quarter ended September, Bata India reported 36.35 per cent 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 per cent to Rs. 583.74 crore from Rs. 574.73 crore during the same period a year ago.