Life Insurance Corporation of India (LIC) disclosed that it dropped its stake in NMDC from 15.772% to 13.699%. The company sold 6,07,50,576 shares, or 2.073% equity, at an average cost of Rs 104.79 via open market sale from December 29, 2022, to January 9, 2018.

National Mineral Development Corporation (NMDC) is the largest iron ore producer. Recently about 35 million tonnes of iron ore from 3 fully mechanized mines, one located in  Karnataka and two in Chhattisgarh. In the public sector company, the stake held by the government is 60.79% stake in the company.

• Tata Motors Announced Tie-up with South Indian Bank
• Waaree Energies Received a Supply Order for 400 MW Modules 
• Techno Electric Shares Hit 52-Week High on Securing Orders Worth Rs 4,000 Crore
• IREDA Shares Skyrocketed 11% on Receiving Navratna Status 
• Glenmark Pharma Shares Gain 1% on Receiving USFDA Approval 

More than 65 years of age, the company has provided life insurance in India and is the largest life insurer in India. 

Shares in LIC will be listed on the exchange on May 17, 2022. The stock was listed at Rs 867.20, an 8.62% discount on the issue price of Rs 949.

On the BSE, shares of LIC rose 2.51% to Rs 701.80, and NMDC rose 1.83% to Rs 125.35.