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Life Insurance Corporation of India (LIC) has sold a 2.09% stake in state-owned Hindustan Copper Ltd for Rs 447 crore through an open market transaction. According to a regulatory filing, LIC divested 2,01,62,682 shares at an average price of Rs 221.64 per share, resulting in a total transaction value of Rs 446.8 crore.This sale reduces LIC's holding in Hindustan Copper from 8.17% to 6.09%. The divestment occurred between September 27, 2023, and August 16, 2024.

Hindustan Copper Ltd (HCL), operating under the Ministry of Mines, is the only company in India engaged in copper ore mining. It holds all the operational mining leases for copper ore in the country and is the sole integrated producer of refined copper, managing the entire process from mining to refining.The sale marks a significant move by LIC, reflecting its strategic decision to reduce its stake in the company. Hindustan Copper's shares have seen activity in the market, with this transaction highlighting the company's ongoing importance in India's mining and metals sector.On Monday, the shares of Hindustan Copper closed at Rs 323.90, 3.17 per cent up from the previous trading day session. The 52 week high and low of the share is Rs 415.80 and Rs 135.10 respectively.According to the BSE analytics, the shares of Hindustan Copper have given massive returns of 26.81 per cent in the last 6 months and 129.79 per cent in the last 1 year.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)

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