Lupin rose 1.38% to Rs 1534.25 at 10:49 IST on BSE after the Cabinet Committee on Economic Affairs yesterday, 28 January 2015, gave its nod for increase in aggregate limit of investment by FIIs and their sub-accounts in Lupin from 33% to 49%.
Meanwhile, the S&P BSE Sensex was down 98.34 points or 0.33% at 29,460.84.
On BSE, so far 29,000 shares were traded in the counter as against average daily volume of 42,899 shares in the past one quarter.
The stock hit a high of Rs 1,539 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,520.55 so far during the day. The stock had hit a 52-week low of Rs 855 on 30 January 2014.
The stock had underperformed the market over the past one month till 28 January 2015, advancing 7.6% compared with the Sensex's 8.51% rise. The scrip had, however, outperformed the market in past one quarter, surging 11.47% as against Sensex's 9.96% rise.
The large-cap company has equity capital of Rs 89.87 crore. Face value per share is Rs 2.
The approval for increase in foreign investment ceiling of Lupin would result in foreign investment of Rs.6099 crore (approximately) in the country, a government statement said yesterday, 28 January 2015.
Lupin's consolidated net profit rose 55.1% to Rs 630.04 crore on 18.4% growth in net sales to Rs 3116.81 crore in Q2 September 2014 over Q2 September 2013. The company will announce its Q3 December 2014 results on 3 February 2015.
Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded and generic formulations and APIs.
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