Life Insurance Corporation Hikes Stake In Bata

New Delhi: State-owned Life Insurance Corporation (LIC) has hiked its stake in footwear major Bata India by 2.03 per cent, taking its total shareholding to 7.05 per cent in the company. LIC bought 26.11 lakh shares, amounting to a 2.03 per cent stake, from open market during January 20 to December 8, 2016, according to a regulatory filing. LIC had a 5.02 per cent stake in Bata India earlier. For the second quarter ended September, Bata India reported a 36.35 per cent fall in net profit at Rs 34.59 crore as against a net profit of Rs 54.35 crore in the year-ago period. However, its total income from operations increased by 1.56 per cent to Rs 583.74 crore from Rs 574.73 crore during the corresponding period a year ago.