HCL Tech, Axis Bank gain as FIPB raises FDI limit

HCL Technologies was up 3% at Rs 1,053, while Axis Bank by 1.2% at Rs 1,154 on the Bombay Stock Exchange.

Shares of IT Company HCL Technologies and the private sector lender Axis Bank has rallied up to 3% after Foreign Investment Promotion Board (FIPB) cleared proposals of these companies to increase foreign institutional investors (FII) investment limit.

HCL Technologies has surged 3% to Rs 1,053 on the Bombay Stock Exchange (BSE). The FIPB on Thursday after market hours cleared HCL Technologies’ proposal to hike foreign direct investment (FDI) limit in the company to 74% from 49%.

Axis Bank was trading 1.2% higher at Rs 1,154, after hitting high of Rs 1,166 in intra-day trade on BSE. FIPB has approved the raising of foreign holding in the private sector bank to 62% from 49%.

However, the approval comes with a rider that the holding of FIIs should not exceed 49%. At present, the FII holding in the bank is 40.7%, while domestic institutional investors have 8.77% stake.