Glenmark Pharma gains after RBI nod for hike in FII investment limit to 49%

Glenmark Pharmaceuticals rose 1.8% to Rs 915.50 at 10:40 IST on BSE after the central bank notified hike in investment limit by foreign institutional investors to 49% of the company's paid up capital from earlier 40%.

The Reserve Bank of India (RBI) announced after trading hours yesterday, 19 May 2015.

Meanwhile, the S&P BSE Sensex was up 240.54 points or 0.87% at 27,886.07.

On BSE, so far 31,654 shares were traded in the counter as against average daily volume of 1.09 lakh shares in the past one quarter.

The stock hit a high of Rs 929.90 and a low of Rs 913 so far during the day. The stock had hit a record high of Rs 940 on 15 April 2015. The stock had hit a 52-week low of Rs 510 on 19 May 2014.

The stock had outperformed the market over the past one month till 19 May 2015, gaining 4.04% compared with Sensex's 2.8% fall. The scrip had also outperformed the market in past one quarter, rising 16.56% as against Sensex's 6.17% fall.

The large-cap pharma company has equity capital of Rs 27.13 crore. Face value per share is Re 1.

The Reserve Bank of India (RBI) has notified increase in the limit for the purchase of equity shares in Glenmark Pharmaceuticals by foreign institutional investors (FIIs) under the portfolio investment scheme to 49% of the company's paid up capital from earlier 40%. The total FII holding in Glenmark Pharmaceuticals stood at 34.71% as per the shareholding pattern as on 31 March 2015.

Glenmark Pharmaceuticals' consolidated net profit fell 20.3% to Rs 805.30 crore on 16.6% rise in total income to Rs 5799.27 crore in Q3 December 2014 over Q3 December 2013.

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