LIC hikes stake in PI Industries

12 Jan 2022 , 11:11 AM

Post transaction, LIC increased its shareholding to 76,40,976 equity shares or 5.036% stake from 75,68,976 equity shares or 4.989% stake held in PI Industries. The deal was executed as market purchase on Monday, 10 January 2022.

As of 30 September 2021, LIC held 3.48% stake in the company.

PI Industries consolidated net profit gained 5.5% to Rs 229.60 crore on a 17% jump in net sales to Rs 1,354.20 crore in Q2 September 2021 over Q2 September 2020.

The 17% Y-o-Y revenue growth primarily driven by – a) 24% growth in exports contributed by strong volume growth in key products and b) domestic business growth remained flat on account of global supply chain disruptions impacting imports, adverse weather events in certain herbicide geographies, etc.

Shares of PI Industries lost 0.91% to Rs 2,840.75 on BSE. PI Industries manufactures agricultural and fine chemicals and polymers.

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