Shilpa Medicare rose 4% to Rs 476.10 at 11:32 IST on BSE after the central bank notified that foreign investors can now invest up to 30% of the paid-up capital of the company.
Meanwhile, the BSE Sensex was down 85.44 points, or 0.34%, to 25,166.88.
On BSE, so far 17,000 shares were traded in the counter, compared with an average volume of 4,219 shares in the past one quarter.
The stock hit a high of Rs 488 and a low of Rs 468.80 so far during the day. The stock hit a record high of Rs 623.35 on 5 August 2015. The stock hit a 52-week low of Rs 263.30 on 11 December 2014.
The stock had underperformed the market over the past one month till 10 December 2015, sliding 9.86% compared with 1.91% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 2.49% as against Sensex's 1.44% decline.
The mid-cap company has an equity capital of Rs 7.71 crore. Face value per share is Re 1.
The Reserve Bank of India (RBI) notified yesterday, 10 December 2015, that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 30% of the paid up capital of Shilpa Medicare under the Portfolio Investment Scheme (PIS). Earlier, the investment limit was up to 24% of the paid up capital of the company.
RBI stated that the company has passed resolutions at its board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.
FIIs held 15.06% stake in Shilpa Medicare as per the shareholding pattern as on 30 September 2015.
On a consolidated basis, net profit of Shilpa Medicare rose 28.44% to Rs 22.22 crore on 12.76% rise in net sales to Rs 173.27 crore in Q2 September 2015 over Q2 September 2014.
Shilpa Medicare is engaged in the business of bulk drugs manufacturing.
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