LIC reduces stake in Tata Chemicals by over 2 per cent

State-owned Life Insurance Corporation (LIC) has reduced its stake in Tata Chemicals by over two per cent by selling 52.87 lakh shares in the open market.

LIC, which had 6.19 per cent stake earlier, brought down its shareholding in the company to 4.12 per cent by selling shares between March 19, 2013, and October 10, 2014, Tata Chemicals said in a filing to the BSE.

Tata Chemicals reported over two-fold increase in consolidated net profit for the first quarter ended June 30 at Rs 175.50 crore on the back of better performance from soda ash business and higher realisation in North America operations.

The company had clocked a net profit of Rs 75.21 crore in the same quarter in 2012-13.

Total income from operations during April-June quarter of 2013-14 increased 17 per cent to Rs 3,446.64 crore as compared to Rs 3,275.97 crore in the year-ago period.

The company will announce its earnings for the quarter ended September on November 10.

Shares of Tata Chemicals closed 1.31 per cent up at Rs 406.85 apiece on the Bombay Stock Exchange (BSE) on Friday.