Mahindra Gesco climbs on hike in FII buying limit

DALAL STREET SPIKES

The Mahindra Gesco Developers scrip was up 20 per cent or Rs 40.60 to Rs 243.70 after RBI raised the FII investement ceiling to 30 per cent from 24 per cent following approval of the company's board and shareholders. The scrip closed at Rs 203.10 on Tuesday.

Around 3.25 lakh shares of Mahindra Gesco Developers were traded on the BSE on Wednesday. During March-June 2005, the stock witnessed a weak trend due to RBI's ban on FIIs for fresh purchases in the scrip after the investment ceiling of 24 per cent was reached.

FII holding accounted for 22.2 per cent of the equity capital as on 30 June 2005.