Torrent Pharma hits record high on FIPB nod to raise FII limit
The stock was up 5% at Rs 1,358, extending its previous day's 3% gain on the NSE.
 "Torrent Pharma hits record high on FIPB nod to raise FII limit")
Shares of Torrent Pharmaceuticals were trading higher by 5% to Rs 1,358, extending its previous day’s 3% gain on the NSE, after the government has approved the company’s proposal for increasing foreign institutional investor (FII) investment limit from 13.09% to 35%.
“This would mean a total investment of about Rs 3,000 crore. This is the biggest approval announced on Wednesday by the Foreign Investment Promotion Board (FIPB) in value terms. Pharma and medical device approvals added up to Rs 4,000 crore of foreign investment,” Business Standard report suggests. CLICK HERE TO READ FULL REPORT.
The stock opened at Rs 1,343 and hit a record high of Rs 1,369 on the NSE. Till 0939 hours, a combined 173,968 shares changed hands on the counter on the NSE and BSE.
“This would mean a total investment of about Rs 3,000 crore. This is the biggest approval announced on Wednesday by the Foreign Investment Promotion Board (FIPB) in value terms. Pharma and medical device approvals added up to Rs 4,000 crore of foreign investment,” Business Standard report suggests. CLICK HERE TO READ FULL REPORT.
The stock opened at Rs 1,343 and hit a record high of Rs 1,369 on the NSE. Till 0939 hours, a combined 173,968 shares changed hands on the counter on the NSE and BSE.