Life Insurance Corporation of India is an Indian public sector life insurance company that recently filed with the exchanges that it has increased its stake in Voltas Limited, a Tata group company.
In the latest quarter, it bought 54,14,205 additional shares of Voltas limited taking its total shareholding to 3,26,91,708 up from 2,72,77,503 shares. Thus, it currently holds a stake of 9.88 percent up from 8.24 percent.
The shares of Voltas Limited gained marginally and ended Wednesday’s session at Rs 861 levels. In the past five days, the stock has gained 5 percent and in a month it has scaled up by 7 percent.
The stock has been declining after it posted poor quarterly numbers. In Q3FY23, the company posted a revenue of Rs 2,005.61 Crore which increased 12 percent YoY from Rs 1,793.59 Crore.
Despite an increase, they reported a loss of Rs 77.87 Crore as against a net profit of Rs 128.56 Crore posted in the same period the year earlier. In the previous quarter, their profit stood at Rs 22.87 Crore.
Voltas Limited, a Tata group company, is engaged in the business of air conditioning, refrigeration, and electro-mechanical projects as an EPC contractor both in domestic and international geographies. It is the largest air conditioning company in India.
Written by Anoushka Roy
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