GCPL gains after RBI raises ceiling on investment by FIIs

Godrej Consumer Products rose 3.14% to Rs 1,346.50 at 11:48 IST on BSE after the Reserve Bank of India notified increase in the ceiling on investment by foreign portfolio investors to 40% of the company's paid-up capital from 35% earlier.

Meanwhile, the S&P BSE Sensex was up 56.69 points or 0.21% at 26,449.07.

On BSE, so far 5,081 shares were traded in the counter as against average daily volume of 9,972 shares in the past one quarter.

The stock hit a high of Rs 1,360 and a low of Rs 1,324.65 so far during the day. The stock had hit a record high of Rs 1,456.65 on 3 August 2015. The stock had hit a 52-week low of Rs 830 on 16 December 2014.

The stock had outperformed the market over the past one month till 28 August 2015, surging 8.69% compared with Sensex's 3.89% fall. The scrip had also outperformed the market in past one quarter, jumping 19.28% as against Sensex's 4.05% fall.

The large-cap company has equity capital of Rs 34.05 crore. Face value per share is Re 1.

Foreign institutional investors (FIIs) have now been allowed to buy up to 40% stake in Godrej Consumer Products (GCPL) under the portfolio investment scheme (PIS). Total holding of FIIs in GCPL stood at 28.71% as on 30 June 2015.

On consolidated basis, GCPL's net profit rose 38.9% to Rs 199.23 crore on 11.1% growth in net sales to Rs 2095.15 crore in Q1 June 2015 over Q1 June 2014.

Godrej Consumer Products is home-grown FMCG firm. The company's products include hair colour, household insecticides, liquid detergents and soaps.

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