LIC sells over 82 lakh shares of SAIL, cuts stake by 2.01%

Life Insurance Corporation of India (LIC) has offloaded 82,802,533 equity shares or 2.01 per cent stake in Steel Authority of India (SAIL). Post this transaction, LIC's stake in the company has decreased to 6.68 per cent from 8.69 per cent.

The life insurer executed the sale through open market transactions.

SAIL is one of the largest steel-making companies in India and one of the Maharatna public sector undertaking. It produces iron and steel at five integrated plants and three special steel plants, located principally in India's eastern and central regions and situated close to domestic sources of raw materials.

SAIL manufactures and sells a broad range of steel products. As of March 31, 2021, the Government of India held 65.07 per cent stake in the company.

In June 2021, LIC had offloaded 8,32,84,667 equity shares or 2.02 per cent stake in the company. LIC had last decreased its stake in SAIL to 8.69 per cent from 10.71 per cent earlier.

ICICI Direct expects SAIL to report a net profit at Rs 4,677 crore, up 2,637 per cent year-on-year (YoY) (up 21 per cent quarter-on-quarter) in July-September quarter, while net sales are expected to increase by 57 per cent YoY (up 29 per cent on quarter) to Rs 26,563 crore.

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