Bajaj Corp advances as board approves hike in FPI investment limit

Bajaj Corp gained 2.98% to Rs 324.50 at 15:05 IST on BSE after the company's board approved hike in investment limit by registered foreign portfolio investors from 24% to 49% of the paid-up equity capital.

Meanwhile, the BSE Sensex was up 316.42 points, or 1.11%, to 28,755.33

The announcement was made during market hours today, 28 November 2014.

On BSE, so far 1.88 lakh shares were traded in the counter as against average daily volume of 2.39 lakh shares in the past one quarter.

The stock hit a high of Rs 335 and low of Rs 312 so far during the day. The stock had hit a record high of Rs 345.80 on Tuesday, 25 November 2014. The stock had hit a 52-week low of Rs 198 on 13 December 2013.

The stock had outperformed the market over the past one month till 27 November 2014, rising 8.94% compared with 6.3% rise in the Sensex. The stock also outperformed the market in past one quarter, surging 19% as against Sensex's 7.07% rise.

The mid-cap company has equity capital of Rs 14.75 crore. Face value per share is Re 1.

Bajaj Corp said that the board of directors of the company at its meeting held today, 28 November 2014, has passed necessary resolution for increase in the limit of total holding of all Registered Foreign Portfolio Investors (RFPI) with existing class of investors namely Foreign Institutional Investors (FIIs) and Qualified Foreign Investors (QFIs) registered with Sebi in respect of their existing shareholding in the company, put together in equity share capital of the company from existing 24% to 49%.

Bajaj Corp's net profit rose 3.9% to Rs 37.44 crore on 18.6% increase in net sales to Rs 187.61 crore in Q2 September 2014 over Q2 September 2013.

Bajaj Corp is an FMCG company with major brands in hair care category. The company's product portfolio includes Bajaj Kailash Parbat Thanda Tel, Bajaj Almond Drops Hair Oil, Bajaj Brahmi Amla Hair Oil, Bajaj Amla Shikakai Hair Oil and Bajaj Jasmine Hair Oil.

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