Life Insurance Corporation of India (LIC) has increased its shareholding in Navin Fluorine International Ltd (NFIL) from 5.037 per cent to 7.071 per cent of the latter’s paid-up capital.

India’s largest life insurer bought 10,08,208 equity shares of Navin Fluorine International from the open market at an average price of Rs 3,445.63 per share.

Following this purchase, LIC holds 35,05,347 equity shares of the company, the flagship company of the Padmanabh Mafatlal Group.

There was a net increase of 2.034 per cent in LIC’s holding in NFIL during the period from January 8, 2024, to February 8, 2024, according to the insurer’s regulatory filing.

NFIL is primarily engaged in producing refrigeration gases, inorganic fluorides, speciality organofluorines, and offers contract research and manufacturing services.

The company’s consolidated sales declined 11 per cent year-on-year (yoy) in the third quarter to Rs 502 crore. Within this, speciality chemicals reported a 4.5 per cent decline in sales; sales of high performance products were down a shade (-0.6 per cent); and revenue from contract development and contract manufacturing operations dipped 41.5 per cent.

NFIL’s consolidated third-quarter net profit declined 27 per cent yoy to Rs 78 crore (Rs 107 crore a year ago).

NFIL’s shares had closed at Rs 3,028.60 per equity share on Friday, down 1.42 per cent over the previous close on BSE.