Shares of Bharat Heavy Electricals Ltd were trading in the green and hit a 52-week high of Rs 199.70 on 29 December after LIC sold a 2% stake in the company.

In its regulatory filing, the company said that leading insurance company LIC (Life Insurance Corporation) had sold 7.2 lakh equity shares, representing a 2% stake in the company via an open market transaction.

Post the stake sale, LIC holding in the company decreased to 9.6% from 11.7%.

In its quarterly report for July-September, the company reported a net loss of Rs 238.12 crore during the quarter from Rs 12.10 crore net profit reported in the same quarter last year.

The total income of the company during the quarter stood at Rs 5,305.38 crore, which is a marginal decline from Rs 5,418.74 crore reported in the same quarter last year.

In six months, the shares have given a multi-bagger return of 120% against the benchmark Nifty 50, which has given a return of 13% in the same duration.

The company is a manufacturer of integrated power plant equipment and specialises in the design, engineering, manufacturing, erection, testing, commissioning, and servicing of a wide range of products and services for the economy’s core sectors.

At 3:30 pm, the shares of Bharat Heavy Electricals closed 0.26% higher at Rs 193.10 on NSE.