Deepak Nitrite gains 2.5% after LIC doubles stake to 3.37% in December quarter

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Deepak Nitrite | Foreign portfolio investors, however, trimmed their stake to 8.84 percent in the December quarter from 10.85 percent in the previous quarter

Deepak Nitrite

Deepak Nitrite

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Chemical manufacturer Deepak Nitrite share price gained 2.5 percent on January 10 after Life Insurance Corporation (LIC) of India doubled its stake in the company to 3.37 percent.

The stock, which ended at Rs 2,596.20 on the BSE, up 2.48 percent from the previous session, has been on buyers’ radar and has gained 19 percent since December 20.

LIC raised stake in Deepak Nitrite to 3.37 percent, as per the shareholding pattern of December 2021. At the end of September 2021, it held a 1.68 percent stake.

The shareholding of individuals having share capital up to Rs 2 lakh or retail investors also increased to 24.14 percent in December 2021 quarter from 22.51 percent in the previous quarter.

Individuals with share capital in excess of Rs 2 lakh or high net-worth individuals, too, raised stake to 2.55 percent from 2.36 percent during the period.

However, mutual funds reduced their holding in the chemical maker to 6.65 percent from 7.6 percent on sequential basis. Among them, Nippon India Small Cap Fund’s brought down its stake to 2.98 percent from 3.48 percent and Franklin India Smaller Companies Fund cut it to 1.86 percent from 2.16 percent.

Foreign portfolio investors, too, reduced their holding in the company to 8.84 percent at the end of the December quarter from 10.85 percent in the previous three-month period.