LIC trims stake in Engineers India by 2%, now holds 3%

livemint.com:

Life Insurance Corporation of India (LIC) has trimmed its stake in Engineers India, a leading global engineering consultancy and EPC company, by about 2% through open market. The insurance behemoth disclosed in a regulatory filing on November 23 that it sold 1.14 crore shares of Engineers India during the period from February 02, 2021, to November 22, 2023, at an average price of ₹118.08 apiece. As a result of this transaction, LIC's overall stake in Engineers India has come down to 3.122% from the previous 5.155%.

Also Read: Coal India, Honasa, Eicher, HDFC among Jefferies six model portfolio additions Engineers India, owned by the Government of India, operates under the control of the Ministry of Petroleum and Natural Gas (MoPNG). After experiencing four consecutive years of losses from CY18 to CY21, the company's shares have shown a significant turnaround, with a positive return of 12.65% in CY22. Also Read: Govt to reissue bid for asset valuer for IDBI Bank sale This positive momentum has continued into the current year, with the stock delivering an impressive return of 84.11% thus far, spiking from ₹79.30 apiece to their current position of ₹146.

On September 05, the stock surged by approximately 1.4%, reaching an all-time high of ₹167.30 per share. Following this peak, the stock encountered a brief downturn and is currently trading at a level that is 13% below its historic high. Also Read: LIC shares may see 51% upside amid deepening market cap discount: Analysts For the September quarter ending, the company reported a 69% YoY rise in its consolidated net profit to ₹127 crore.