Maruti Suzuki India rose 2.68% to Rs 1,370 at 9:24 IST on BSE after the central bank withdrew restrictions placed on the purchase of the company's shares by foreign investors.
The Reserve Bank of India (RBI) made the announcement after market hours on Wednesday, 8 August 2013.
Meanwhile, the S&P BSE Sensex was up 4.31 points, or 0.02%, to 18,669.19.
On BSE, 4,775 shares were traded in the counter as against an average daily volume of 66,379 shares in the past one quarter.
The stock hit a high of Rs 1,375 and a low of Rs 1,333 so far during the day. The stock had hit a record high of Rs 1,773.45 on 20 May 2013. The stock had hit a 52-week low of Rs 1,128.05 on 3 September 2012.
The stock had underperformed the market over the past one month till 7 August 2013, sliding 14.17% compared with the Sensex's 4.26% fall. The scrip had also underperformed the market in past one quarter, falling 21.14% as against Sensex's 6.15% fall.
The large-cap company has an equity capital of Rs 151.04 crore. Face value per share is Rs 5.
RBI lifted restrictions placed on foreign institutional investors (FIIs) buying shares in Maruti Suzuki India (MSIL) after their holdings fell below the prescribed limit.
FII stakes in Maruti Suzuki India under the portfolio investment scheme have gone below the prescribed threshold limit stipulated under the extant FDI Policy, the RBI said in a statement.
The ceiling on investment by foreign institutional investors (FIIs) in Maruti Suzuki is 24%. Total foreign holding in Maruti Suzuki was 22.10% as at 30 June 2013, of which 22.03% was held by FIIs.
Maruti Suzuki India's net profit surged 49% to Rs 631.61 crore on 5.1% decline in net sales to Rs 9995.12 crore in Q1 June 2013 over Q1 June 2012.
Japanese parent Suzuki Motor Corporation holds 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 30 June 2013).
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