Lupin rose 1.38% to Rs 1534.25 at 10:49 IST on BSE after the Cabinet Committee on Economic Affairs yesterday, 28 January 2015, gave its nod for increase in aggregate limit of investment by FIIs and their sub-accounts in Lupin from 33% to 49%.
Meanwhile, the S&P BSE Sensex was down 98.34 points or 0.33% at 29,460.84.
On BSE, so far 29,000 shares were traded in the counter as against average daily volume of 42,899 shares in the past one quarter.
The stock hit a high of Rs 1,539 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,520.55 so far during the day. The stock had hit a 52-week low of Rs 855 on 30 January 2014.
The stock had underperformed the market over the past one month till 28 January 2015, advancing 7.6% compared with the Sensex's 8.51% rise. The scrip had, however, outperformed the market in past one quarter, surging 11.47% as against Sensex's 9.96% rise.
The large-cap company has equity capital of Rs 89.87 crore. Face value per share is Rs 2.
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The approval for increase in foreign investment ceiling of Lupin would result in foreign investment of Rs.6099 crore (approximately) in the country, a government statement said yesterday, 28 January 2015.
Lupin's consolidated net profit rose 55.1% to Rs 630.04 crore on 18.4% growth in net sales to Rs 3116.81 crore in Q2 September 2014 over Q2 September 2013. The company will announce its Q3 December 2014 results on 3 February 2015.
Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded and generic formulations and APIs.
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