LIC trims stake in Mastek by 3.09%

An exterior view of Life Insurance Corporation of India's (LIC) headquarters is seen in Mumbai September 18, 2014. LIC Chairman S. K. Roy said he was "very bullish" about the banking, pharmaceutical, metals and IT outsourcing sectors because of expectations for a cyclical recovery and a stabilising rupee currency. Roy added LIC was headed for a "very good year", both in terms of its market investments and its core insurance business. The chairman said he expected growth of 12 percent in insurance premiums this fiscal year, in line with 13.4 percent last year. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS) - GM1EA9I1C5401

State-owned Life Insurance Corporation (LIC) has reduced its stake in IT firm Mastek by 3.09 per cent after selling 7.30 lakh shares in the open market.

As per a BSE filing, LIC, which had 6.14 per cent stake in Mastek earlier, brought down the shareholding in the company to 3.05 per cent.

LIC sold the stake between December 18, 2014 and December 11, 2017.

Mastek had reported over two-fold increase in consolidated net profit to Rs 17.5 crore for the quarter ended September 30, 2017. Its total income grew 59 per cent to Rs 204.1 crore for the said period.

Shares of Mastek were trading at Rs 402.60 apiece, up 4.03 per cent, on BSE.