Life Insurance Corporation Hikes Stake in Bata

State-owned Life Insurance Corporation (LIC) has hiked its stake in footwear major Bata India by 2.03%, taking its total shareholding to 7.05% in the company. LIC bought 26.11 lakh shares, amounting to a 2.03% stake, from open market during January 20 to December 8, 2016, according to a regulatory filing. LIC had a 5.02% stake in Bata India earlier.

For the second quarter ended September, Bata India reported a 36.35% 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% to Rs. 583.74 crore from Rs. 574.73 crore during the corresponding period a year ago.