CCL Products (India) rose 8.57% to Rs 309.05 at 10:55 IST on BSE after the central bank raised foreign investment limit in the company to 40% from 24% earlier.
Meanwhile, the S&P BSE Sensex was up 20.64 points, or 0.07% to 31,683.38.On the BSE, 39,000 shares were traded in the counter so far, compared with average daily volumes of 8,422 shares in the past one quarter. The stock had hit a high of Rs 323 and a low of Rs 295.50 so far during the day.
The stock hit a 52-week high of Rs 371.80 on 2 March 2017. The stock hit a 52-week low of Rs 229 on 2 November 2016.
The stock had outperformed the market over the past one month till 7 September 2017, rising 0.51% compared with 0.42% decline in the Sensex. The scrip had underperformed the market in past one quarter, falling 2.63% as against Sensex's 1.28% rise. The scrip had also underperformed the market in past one year, rising 6.11% as against Sensex's 9.01% rise.
The mid-cap company has equity capital of Rs 26.61 crore. Face value per share is Rs 2.
The Reserve Bank of India notified after market hours yesterday, 7 August 2017, that the foreign investment limit for investment by Foreign Institutional Investors (FIIs)/Foreign Portfolios Investors (FPIs) in CCL Products (India) has increased from 24% to 40% of its paid up capital.
Further, owing to the above increase in the above investment limit, it is notified that the aggregate shareholding by FIIs/FPIs in CCL Products (India) has gone below the prescribed FIIs/FPIs investment limit for the company. Hence, the restrictions placed on the purchase of shares of CCL Products (India) by FIIs/FPIs, are withdrawn with immediate effect.
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On a consolidated basis, CCL Products (India)'s net profit fell 32.90% to Rs 27.04 crore on 2.06% increase in net sales to Rs 245.43 crore in Q1 June 2017 over Q1 June 2016.
CCL Products (India) is engaged in the manufacturing of instant coffee. The company operates through the coffee and coffee related products segment.
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