LIC Reduces 2% Stake In This Midcap Mining Company

In a recent development, the Life Insurance Corporation of India (LIC) on Thursday, informed the stock exchanges that it has reduced its shareholding in Hindustan Copper Limited (HCL).

The company reduced its shareholding from 9,91,10,743 to 7,90,11485 Equity Shares, the company stated. With this development, its shareholding reduced from 10.249% to 8.171% of the paid-up capital. There was a decrease of 2% in holding during the period from 19.07.2023 to 27.09.2023.

"Corporation's shareholding in "HINDUSTAN COPPER LTD." has diluted from 9,91,10,743 to 7,90,11485 Equity Shares, decreasing its shareholding from 10.249% to 8.171% of the paid-up capital of the said Company," the board stated in the filing.

It is the first Indian PSU and only vertically integrated copper producing company. HCL is engaged in various processes right from copper mining to the final stage of converting copper into saleable products.

Hindustan Copper stock on Thursday closed 1.98% or 3.15% lower at Rs 156.20 apiece on the BSE. Stock surges 1.26% in 1 week. It gained 5.65% in 1 month. It gave 55.19% positive return in 1 year, 356.73% in 2 years, and 205.38% in 5 years, respectively.

Meanwhile, LIC stock closed 0.52% higher at Rs 648.40 apiece with a day's high of Rs 652 and a day's low of Rs 643 on the BSE. The stock declined 0.94% in 1 week, and 1.05% in 1 month. It gained 20.76% in 6 months. It gained 4.39% in 1 year.

Life Insurance Corporation of India (LIC) is the largest insurance provider company in India having a market cap of Rs 4,10,112.85 Crore. The company offers participating insurance products and non-participating products like unit-linked insurance products (ULIP), term insurance products, health insurance, saving insurance products, and annuity & pension products.