 "MCX gains as RBI hikes FII limit")
Multi Commodity Exchange of India (MCX) has soared 5% to Rs 1,420 on the BSE in intra-day trade after the Reserve Bank of India (RBI) announced that Foreign Institutional Investors (FIIs) can now invest up to 34% in the company from 24% earlier.
“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can under the Portfolio Investment Scheme (PIS) now invest upto 34% of the paid up capital of M/s Multi Commodity Exchange of India Limited,” RBI said on a notification on September 30, 2016.
As of June 30, 2016, foreign portfolio investors held 17.81% stake in MCX, the shareholding pattern data shows.
The purchases could be made through primary market and stock exchanges, the RBI said. LINK
The Reserve Bank has stated that the company’s Board of Directors’ has passed a resolution and its shareholders have passed a special resolution agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.
The stock is trading at its highest level since February 4, 2013. It zoomed 53% in past three weeks, from Rs 928 on September 12, as compared to 0.82% decline in the S&P BSE Sensex.
At 10:16 am, the stock was up 3% at Rs 1,392 on the BSE. A combined 603,420 shares changed hands on the counter on the BSE and NSE.
“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can under the Portfolio Investment Scheme (PIS) now invest upto 34% of the paid up capital of M/s Multi Commodity Exchange of India Limited,” RBI said on a notification on September 30, 2016.
As of June 30, 2016, foreign portfolio investors held 17.81% stake in MCX, the shareholding pattern data shows.
The purchases could be made through primary market and stock exchanges, the RBI said. LINK
The Reserve Bank has stated that the company’s Board of Directors’ has passed a resolution and its shareholders have passed a special resolution agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.
The stock is trading at its highest level since February 4, 2013. It zoomed 53% in past three weeks, from Rs 928 on September 12, as compared to 0.82% decline in the S&P BSE Sensex.
At 10:16 am, the stock was up 3% at Rs 1,392 on the BSE. A combined 603,420 shares changed hands on the counter on the BSE and NSE.