Container Corp zooms 8.5%; m-cap jumps Rs 2,258 cr on RBI move

Shares of Container Corporation of India surged almost 8.5 per cent today after the Reserve Bank allowed foreign investors to invest up to 34 per cent of the paid-up capital in the company.
After climbing 10.86 per cent to Rs 1,650 -- its 52-week high level -- during the day on the BSE, shares of the company finally ended at Rs 1,604.05, up 7.78 per cent.
On the NSE, the stock settled 8.46 per cent higher at Rs 1,607.50.
Led by the sharp rally in the stock, the company's market capitalisation moved up by Rs 2,257.84 crore to Rs 31,274.84 crore.

"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 34 per cent of the paid up capital of Container Corporation of India Ltd under the Portfolio Investment Scheme (PIS)," RBI had said in a notification on Thursday.
The decision follows passage of resolutions at its Board of Directors' level and a special resolution by company's shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs, RBI had said.

The purchases could be made through primary market and stock exchanges.
As per data available on BSE, FIIs held 25.03 per cent shares on the company as of quarter ended December 2014.

FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.