SITI Cable shares surge 5% as RBI raises fgn infusion ceiling

SITI Cable Network shares today soared over 5 per cent after the Reserve Bank allowed foreign investors to buy up to 49 per cent stake in the company.
At the end of today's trading session, the stock was quoted at Rs 38.75, up 5.30 per cent on BSE.
On NSE, the shares of the company closed at Rs 38.70, up 4.87 per cent.
During the day, the stock had jumped 13 per cent to touch its 52-week high of Rs 41.70 on BSE and NSE.
Marketmen said the stock gained ground even as the broader market was in the negative zone largely because RBI raised foreign investment ceiling level in the company.

Foreign institutional investors (FIIs)/registered foreign portfolio investors (RFPIs) can now invest up to 49 per cent of the paid-up capital of SITI Cable Network under the Portfolio Investment Scheme (PIS), RBI said in a statement yesterday.
The company has passed resolutions at its Board of Directors level and a special resolution through shareholders, agreeing to raise the limit for the purchase of its equity shares by FIIs/RFPIs, it added.
As of September quarter, FIIs held 13.88 per cent in the company, according to BSE data.