Havells India rose 3.35% to Rs 667 at 12:33 IST on BSE after the Reserve Bank of India allowed to increase the limit of shareholding by registered foreign institutional investors to 40% in the paid-up share capital of the company.
The Reserve Bank of India (RBI) made the announcement was made on Tuesday, 23 April 2013.
Meanwhile, the BSE Sensex was up 179.11 points, or 0.93%, to 19,358.47.
On BSE, 44,000 shares were traded in the counter as against an average daily volume of 1.42 lakh shares in the past one quarter.
The stock hit a high of Rs 677.40 and a low of Rs 648.50 so far during the day. The stock had hit a record high of Rs 704.90 on 15 February 2013. The stock had hit a 52-week low of Rs 515.65 on 18 May 2012.
The stock had outperformed the market over the past one month till 23 April 2013, rising 8.74% compared with the Sensex's 2.37% rise. The scrip had also outperformed the market in past one quarter, falling 1.87% as against Sensex's 4.23% fall.
Also Read
The mid-cap company has an equity capital of Rs 62.39 crore. Face value per share is Rs 5.
RBI said the company has raised the limit for purchase of its equity shares and convertible debentures by foreign institutional investors (FIIs) up to 40% of its paid-up capital from 24% earlier.
Under the Portfolio Investment Scheme (PIS), the ceiling for overall investment for FIIs is 24% of the paid up capital of the Indian company. The ceiling of 24% for FII investment can be raised up to sectoral cap/statutory ceiling, subject to the approval of the board and the general body of the company passing a special resolution to that effect.
In February 2013, the board of Havells India resolved to increase the limit of shareholding by registered FIIs to 40% in the paid-up share capital of the company after RBI banned fresh purchases of Havells India shares by FIIs.
RBI on 15 February 2013 said that no further purchases of shares of Havells India would be allowed on behalf of FIIs since the overall FII investment limit of 24% of the company's paid-up capital was surpassed.
Total foreign holding in Havells India was 30.93% as at 31 March 2013 of which 25.78% was held by FIIs.
Havells India's net profit rose 20% to Rs 94.66 crore on 18.2% growth in net sales to Rs 1052.09 crore in Q3 December 2012 over Q3 December 2011.
Havells India is one of the largest electrical and power distribution equipment manufacturer, with products ranging from industrial and domestic circuit protection switchgear, cables & wires, motors, fans, power capacitors, CFL lamps, luminaires for domestic, commercial and industrial applications, modular switches, water heaters and domestic appliances covering the entire gamut of household, commercial and industrial electrical needs.
Powered by Capital Market - Live News