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GAIL India gains 5% after LIC raises stake in the company

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GAIL India

GAIL India

Shares of GAIL India rose 4.6% on Thursday following news of Life Insurance Corporation of India (LIC) buying an additional 2.014% stake in the state-run energy major.

At 0120 pm, shares of GAIL traded at 106.4, up 3.6% from the previous close, while the benchmark Sensex was up 0.7% at 36584.78.

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LIC bought 203.71 million shares or 2.014% stake in GAIL via open market purchases between 13 February 2019 and 7 July 2020. Following the transaction, LIC’s stake in GAIL has increased to 7.019% from 5.004% earlier.

GAIL India’s March quarter profit jumped 216% year-on-year to 4,813.88 crores while net sales fell 6% year-on-year to 17,922.79 crores during the period.

Since the beginning of 2020, GAIL shares have declined by 12%. From its March lows, the stock has risen 63%.

As of 31 March, the government-held a 52.49% stake in the company.

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