UPL rose 3.85% to Rs 347.90 at 10:12 IST on BSE after the central bank removed restriction on purchase of shares by foreign institutional investors in company.
Meanwhile, the BSE Sensex was up 20.66 points, or 0.08%, to 26,404.73.
On BSE, so far 1.06 lakh shares were traded in the counter, compared with an average volume of 1.54 lakh shares in the past one quarter.
The stock hit a high of Rs 352.95 and a low of Rs 345.45 so far during the day. The stock hit a record high of Rs 388.20 on 9 September 2014. The stock hit a 52-week low of Rs 147.25 on 15 October 2013.
The stock had underperformed the market over the past one month till 13 October 2014, falling 8.81% compared with 2.50% fall in the Sensex. The scrip had also underperformed the market in past one quarter, rising 4.46% as against Sensex's 5.43% rise.
The large-cap company has an equity capital of Rs 85.72 crore. Face value per share is Rs 2.
The foreign shareholding by Foreign Institutional Investors (FIIs) or Registered Foreign Portfolios Investors (RFPIs) in UPL had gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the company were withdrawn with immediate effect, the Reserve Bank of India (RBI) said in a statement.
Further, the RBI advised that FIIs/RFPIs can now invest upto 74% of the paid up capital of UPL under the portfolio investment scheme. The limit was revised from earlier limit of 49%. As on 30 September 2014, FIIs held 46.54% stake in UPL.
The decision to enhance the limit for foreign investment came after the board of the company passed special resolution, agreeing to raise the limit for purchase of its equity shares and convertible debentures by FIIs/RFPIs.
UPL's consolidated net profit rose 35.7% to Rs 288.63 crore on 12.9% growth in net sales to Rs 2720.25 crore in Q1 June 2014 over Q1 June 2013.
UPL (formerly known as United Phosphorus) is a global generic crop protection, chemicals and seeds company.
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