LIC reduces stake in Colgate-Palmolive to 2.98%

State-owned Life Insurance Corporation (LIC) has cut 2.03 percent stake in FMCG firm Colgate-Palmolive to bring down its shareholding in the company at 2.98 percent after selling 27.60 lakh shares in the open market.

New Delhi: State-owned Life Insurance Corporation (LIC) has cut 2.03 percent stake in FMCG firm Colgate-Palmolive to bring down its shareholding in the company at 2.98 percent after selling 27.60 lakh shares in the open market.

LIC, which had 5.01 percent stake earlier, brought down its shareholding in the company to 2.98 percent by selling shares between January 16, 2010, and January 28, 2015, Colgate-Palmolive said in a filing to the BSE.

During the third quarter ended December 31, 2014, the company posted a 16 percent increase in net profit at Rs 130.86 crore and net sales of Rs 988.56 crore, up 11.83 percent as compared to the same period of the previous financial year.

The company posted a volume growth of 5 percent for the quarter on toothpaste and continued to enhance its leadership position in toothpaste category by registering a market share of 56.7 percent in 2014, an increase of 0.8 percent over the same period of the previous year, it said.

The flagship brands 'Colgate Dental Cream', 'Active Salt', 'Max Fresh' and 'Colgate Total' along with 'Visible White' have contributed to growth.

Shares of Colgate-Palmolive closed at Rs 1,894.15 apiece, down 1.38 percent from its previous close on the BSE.

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