LIC trims stake in Tata Global Beverages

Life Insurance Corporation (LIC) has reduced its stake in Tata Global Beverages by 2.02 per cent, selling 1.25 crore shares in the open market.

The PSU, which had 7.63 per cent stake earlier, brought down its shareholding in the company to 5.60 per cent by selling shares between December 27, 2012, and October 29, 2013, Tata Global Beverages said in a filing to the Bombay Stock Exchange.

During the first quarter ended June 30, Tata Global Beverages posted 43.68 per cent rise in consolidated net profit at Rs 111.63 crore compared with net profit of Rs 77.69 crore for the same period of previous financial year.

The company's total income from operations rose to Rs 1,813.46 crore during the first quarter, compared to Rs 1,725.10 crore during the same period of previous financial year.

Shares of Tata Global Beverages closed at Rs 164 apiece, down 0.58 per cent from their previous close on BSE.