Granules India gains after RBI nod for hike in foreign investment limit

Granules India rose 1.70% to Rs 146.75 at 11:21 IST on BSE after the central bank hiked FPIs' investment limit in the stock to 49% from 24% earlier.

Meanwhile, the S&P BSE Sensex was up 353.40 points, or 1.02% to 34,945.79.

On the BSE, 2.13 lakh shares were traded in the counter so far, compared with average daily volumes of 2.20 lakh shares in the past two weeks. The stock had hit a high of Rs 150.50 and a low of Rs 146.25 so far during the day. The stock hit a 52-week high of Rs 157 on 18 May 2017. The stock hit a 52-week low of Rs 101.95 on 11 August 2017.

The Reserve Bank of India on 12 January 2018 notified that the Foreign Portfolio Investors (FPIs) investment limit under Portfolio Investment Scheme in Granules India has increased from 24% to 49% of its paid up capital. Granules India has passed necessary resolutions of its board of directors and general body.

On a consolidated basis, net profit of Granules India fell 1.18% to Rs 40.34 crore on 9.53% rise in net sales to Rs 392.56 crore in Q2 September 2017 over Q2 September 2016.

Granules India is a vertically integrated pharmaceutical company, headquartered in Hyderabad, India.

Powered by Capital Market - Live News