Maithan Alloys has acquired shares of Life Insurance Corporation of India (LIC), which operates in the life insurance industry. The acquisition was completed on June 14, 2024. The total acquisition cost was ₹30.07 crore, paid in cash. Maithan Alloys acquired 2,86,500 shares, representing 0.0045% of LIC’s shareholding. In total, Maithan Alloys has acquired 4,82,437 shares, representing 0.0076% of LIC’s shareholding till June 14, 2024.
The shares were acquired through the stock exchange as part of Maithan Alloys Limited’s investment strategy, aiming to benefit from long-term and short-term investment returns. Maithan Alloys Limited does not intend to gain control, either directly or indirectly, over the management of LIC.
On June 13, 2024, Maithan Alloys recently disclosed the acquisition of 0.01% shareholding in Bharat Electronics, totalling 6.85 lakh shares valued at ₹20.04 crore. Additionally, they acquired 41,000 shares of Hindustan Aeronautics for ₹20.14 crore and 13.79 lakh shares of GAIL India for ₹30.05 crore.
In the consolidated quarterly financial results for March 2024, Maithan Alloys reported a decline in Net Sales to ₹433.27 crore, down by 18.97% from ₹534.73 crore in March 2023. However, the Quarterly Net Profit increased to ₹142.08 crore, showing a growth of 44.77% from ₹98.14 crore in the same period last year.
The Life Insurance Corporation of India (LIC) is a statutory corporation established under the Life Insurance Corporation Act 1956. LIC is engaged in the life insurance business and operates under the regulations of India’s Insurance Regulatory and Development Authority. The corporation offers various individual and group insurance solutions, including participating, non-participating, and unit-linked products. Its portfolio includes insurance and investment products such as protection, pension, savings, investment, annuity, health, and variable plans.
Maithan Alloys manufactures and exports three main types of bulk ferro alloys: ferro manganese, silica manganese, and ferro silicon. The company is also involved in generating and supplying Wind Power and operating a Captive Power Plant.
On June 18, 2024, the share price of Maithan Alloys Ltd opened at ₹1,234.25, touching the day’s high at ₹1,303.70, as of 09:33 AM on the NSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Jun 18, 2024, 11:45 AM IST
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