Parag Parekh Fund Raises Stake In Coal India In June Quarter

Coal India filed its latest shareholding data with the exchanges on Tuesday afternoon.

What Happened: As per the filing, the popular fund house Parag Parekh Flexi Cap Fund raised its stake in the state-run miner during the April-June period.

As per Bombay Stock Exchange data, the fund owned 7.47 crore shares or a 1.21% stake in the company at the end of March. Now, it holds 8.23 crore shares or a 1.34% stake in the company.

HDFC Balanced Advantage Fund also held on to its 1.88% stake during the April-June quarter. On the other hand, India’s biggest insurer, LIC, cut its stake in Coal India during the same period. As of June 30, LIC owns 61.51 crore shares or a 9.98% stake in the company. At the end of the March quarter, India’s biggest investor held around 10.18% stake in the mining major.

See Also: Motilal Oswal Takes Bullish View On ONGC, GAIL Ahead Of Earnings

Earlier in the month, the company reported an 8% year-on-year rise in coal production for the June quarter, hitting 189.3 million tonnes. The company’s total supplies also saw a 6% year-on-year growth, hitting 198.4 million tonnes during the period from April to June.

It was also one of Axis Securities’ top picks for July 2024.

Price Action: Coal India’s share price was up 0.11% to trade at ₹493.85 in the late hours of trading on Tuesday.

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Posted In: EquitiesNewsMarketsCoal IndiaParag Parekh Flexi Cap Fund