State-owned Life Insurance Corporation (LIC) has reduced its stake in FMCG firm Britannia Industries by 2.02 per cent, selling 24.20 lakh shares in the open market.
LIC, which had 5.3 per cent stake earlier, brought down its shareholding in the company to 3.26 per cent by selling shares between September 9, 2010, and September 27, 2013, Britannia Industries said in a filing to the BSE.
During the first quarter ended June 30, 2013, Britannia Industries reported nearly two-fold rise in consolidated net profit at Rs 89.58 crore due to improvement in product mix and higher price realisation.
The consolidated net profit stood at Rs 46.50 crore during the same period previous fiscal.
The company’s consolidated income increased to Rs 1,539.62 crore during the April-June quarter from Rs 1,348.15 crore during the same period last year.
Shares of Britannia Industries ended at Rs 831.80 apiece, up 1.4 per cent on the BSE.