Life Insurance Corporation hikes stake in Bata to 7.05%

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 2.03% stake, from open market during January 20 to December 8, 2016, according to a regulatory filing.

LIC had 5.02% stake in Bata India earlier.

For the second quarter (Q2) ended September, Bata India reported 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 same period a year ago.