 "UltraTech Cement hits new high on RBI nod to hike FII limit to 30%")
UltraTech Cement hit a new high of Rs 4,029, up 3.5% on the National Stock Exchange (NSE) in early morning trade, after the Reserve Bank of India (RBI) allowed foreign investors to invest up to 30% in the cement major.
"Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 30% of the paid-up capital of Ultra Tech Cement under the portfolio investment scheme (PIS)," RBI said in a release.
FIIs, NRIs and PIOs (persons of Indian origin) can invest in primary and secondary capital markets in India through PIS, it added.
The foreign portfolio investors held 19.64% in UltraTech Cement as on June 30, 2016, the shareholding pattern data shows.
"Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 30% of the paid-up capital of Ultra Tech Cement under the portfolio investment scheme (PIS)," RBI said in a release.
FIIs, NRIs and PIOs (persons of Indian origin) can invest in primary and secondary capital markets in India through PIS, it added.
The foreign portfolio investors held 19.64% in UltraTech Cement as on June 30, 2016, the shareholding pattern data shows.
At 09:23 am, the stock was up 2.8% at Rs 3,999 on the NSE, as compared to 0.33% rise in the Nifty 50 index. A combined 48,196 shares changed hands on the counter on the NSE and BSE so far.