The Indian state-owned Life Insurance Corporation had decreased its shareholdings in Britannia Industries, the consumers conglomerate, by 2.02%. It had sold 24.20 lakh shares in the open trading market.

LIC had earlier purchased a 5.30% stake in the company, bringing down its ownership in the company to 3.26% after its divestment. The said sale was confirmed by regulatory documentation filed with the BSE.

In its first quarter earnings report ending June 30, 2013, Britannia Industries had reported a consolidated net profit rise of INR89.58 crore. This increase was attributed to the improvement in the product mix as well as the realization of higher prices. The consolidared net profit was at INR46.50 crore in the previous fiscal year for the same period.

The consolidated income increased to INR1,539.62 crore for the April to June quarter, a rise from the previously reported income of INR1,348.15 crore. 

In afternoon trading, the shares of Britannia Industries was traded at INR835.10 per share, an increase of 1.40% at the BSE.