Aditya Birla Nuvo rose 0.58% to Rs 1,391 at 12:27 IST on BSE after the central bank raised foreign investment limit in the company to 30% from 24% earlier.
Meanwhile, the BSE Sensex was down 94.48 points, or 0.34%, to 28,084.60.
On BSE, so far 9,710 shares were traded in the counter, compared with average daily volume of 1.07 lakh shares in the past one quarter. The stock hit a high of Rs 1,396 and a low of Rs 1,379.50 so far during the day. The stock hit a record high of Rs 1,664 on 9 August 2016. The stock hit a 52-week low of Rs 685 on 29 February 2016. The stock had outperformed the market over the past 30 days till 24 October 2016, falling 1.15% compared with 1.71% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 0.27% as against Sensex's 0.72% rise.
The large-cap company has equity capital of Rs 130.23 crore. Face value per share is Rs 10.
The Reserve Bank of India (RBI) notified after market hours yesterday, that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can under the portfolio investment scheme (PIS) now invest up to 30% of the paid up capital of Aditya Birla Nuvo. The purchases could be made through primary market and stock exchanges. RBI stated that the company's board of directors has passed a resolution and its shareholders have passed a special resolution agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.
On a consolidated basis, Aditya Birla Nuvo's net profit declined 56.79% to Rs 305.15 crore on 1.62% decline in net sales to Rs 3041.30 crore in Q1 June 2016 over Q1 June 2015. The company will announce Q2 results on 10 November 2016.
Aditya Birla Nuvo is a business conglomerate. It commands leadership position across its financial services, telecom, linen and manufacturing businesses.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
