Somany Ceramics rose 2.40% to Rs 927 at 10:15 IST on BSE after the central bank withdrew restrictions placed on the purchase of shares of the company by non-resident Indians under portfolio investment scheme.
The announcement was made after market hours yesterday, 19 December 2017.Meanwhile, the S&P BSE Sensex was down 25.62 points, or 0.08% to 33,811.12.
On the BSE, 1,318 shares were traded in the counter so far, compared with average daily volumes of 641 shares in the past two weeks. The stock had hit a high of Rs 932.70 and a low of Rs 921.60 so far during the day. The stock hit a record high of Rs 950 on 30 November 2017. The stock hit a 52-week low of Rs 471.05 on 27 December 2016.
The Reserve Bank of India (RBI) yesterday, 19 December 2017, notified that the aggregate foreign share holding by non-resident Indians (NRIs) under portfolio investment scheme in Somany Ceramics have gone below the prescribed threshold limit stipulated under the extant FDI Policy and FEMA regulations. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
Somany Ceramics' net profit fell 10.6% to Rs 21.25 crore on 2.2% decline in net sales to Rs 428.42 crore in Q2 September 2017 over Q2 September 2016.
Somany Ceramics is a manufacturer of ceramic tiles and allied products.
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