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Punj Lloyd has surged 9% to Rs 38.65 on BSE after the company said it received an approval from Foreign Investment Promotion Board (FIPB) for manufacture of defence items.
“Foreign Investment Promotion Board (FIPB), Department of Economic Affairs, Ministry of Finance, Government of India vide its letter dated December 15, 2014 have approved the proposal of the Company for manufacturing of equipment systems and associated assemblies for the defence sector,” Punj Lloyd said in a statement.
As per clause 4 of the above letter, foreign equity participation in the company including FDI & Investment by FII/FPI/FVCI/QFl/NRI through portfolio investment have been capped at 32.99% of the paid-up equity capital of the company, it added.
The stock opened at Rs 38.05 and touched a high of Rs 39.70 in early morning trade on BSE. A combined 1.25 million shares changed hands on the counter in first 15 minutes of trade on BSE and NSE.
“Foreign Investment Promotion Board (FIPB), Department of Economic Affairs, Ministry of Finance, Government of India vide its letter dated December 15, 2014 have approved the proposal of the Company for manufacturing of equipment systems and associated assemblies for the defence sector,” Punj Lloyd said in a statement.
As per clause 4 of the above letter, foreign equity participation in the company including FDI & Investment by FII/FPI/FVCI/QFl/NRI through portfolio investment have been capped at 32.99% of the paid-up equity capital of the company, it added.
The stock opened at Rs 38.05 and touched a high of Rs 39.70 in early morning trade on BSE. A combined 1.25 million shares changed hands on the counter in first 15 minutes of trade on BSE and NSE.
