Manpasand Beverages sizzles as RBI allows hike in FPI investment limit

Manpasand Beverages jumped 7.45% to Rs 403 at 10:42 IST on BSE after the Reserve Bank of India allowed hike in FPI investment limit in the company to 49% from 24%.

Meanwhile, the S&P BSE Sensex was up 3.73 points, or 0.01% at 33,056.77. The S&P BSE Mid-Cap index was up 6.34 points, or 0.04% at 16,796.98.

On the BSE, 64,000 shares were traded on the counter so far as against the average daily volumes of 9,083 shares in the past one quarter. The stock had hit a high of Rs 409.55 and a low of Rs 388.30 so far during the day. The stock had hit a record high of Rs 511.83 on 15 September 2017 and a 52-week low of Rs 253.38 on 26 December 2016.

The stock had underperformed the market over the past one month till 13 December 2017, sliding 14.02% compared with 0.06% gains in the Sensex. The scrip had also underperformed the market in past one quarter, declining 15.97% as against Sensex's 2.69% rise. The scrip had, however, outperformed the market in past one year, rising 31.08% as against Sensex's 23.8% rise.

The mid-cap company has equity capital of Rs 114.46 crore. Face value per share is Rs 10.

The Reserve Bank of India after market hours yesterday, 13 December 2017 notified that the foreign investment limit for investment by Foreign Portfolios Investors (FPIs) in Manpasand Beverages has increased to 49% from 24% of its paid up capital. Further, owing to the increase in the investment limit, it is notified that the aggregate shareholding by FPIs in Manpasand Beverages has gone below the prescribed FPIs investment limit for the company, RBI said. Hence, the restrictions placed on the purchase of shares of the company by FPIs are withdrawn with immediate effect, it added.

Manpasand Beverages is a fruit drink manufacturer focusing on mango. Mango-based fruit drink, Mango Sip, is the flagship brand of the company, which is strategically aimed at customers in semi urban and rural markets.

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