Supreme Inds jumps after RBI notifies increase in foreign investment ceiling

Supreme Industries surged 5.04% to Rs 625 at 13:57 IST on BSE after RBI on Thursday, 24 September 2015, notified increase in foreign investment ceiling in the company to 30% from existing 24%.

Meanwhile, the S&P BSE Sensex was up 35.26 points or 0.14% at 25,898.76.

On BSE, so far 25,000 shares were traded in the counter as against average daily volume of 12,287 shares in the past one quarter.

The stock hit a high of Rs 640 and a low of Rs 608.85 so far during the day. The stock had hit a record high of Rs 745 on 10 April 2015. The stock had hit a 52-week low of Rs 540 on 25 August 2015.

The stock had underperformed the market over the past one month till 24 September 2015, gaining 0.04% compared with Sensex's 0.47% rise. The scrip had also underperformed the market in past one quarter, sliding 14.85% as against Sensex's 6.73% fall.

The mid-cap company has equity capital of Rs 25.41 crore. Face value per share is Rs 2.

The Reserve Bank of India (RBI) on Thursday, 24 September 2015, notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 30% (revised from default 24%) of the paid up capital of Supreme Industries under the Portfolio Investment Scheme (PIS). RBI further said that the foreign shareholding by FIIs/RFPIs in Supreme Industries have gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of Supreme Industries are withdrawn with immediate effect.

Supreme Industries' consolidated net profit rose 33.8% to Rs 159.80 crore on 1.1% growth in net sales to Rs 1270.34 crore in Q4 June 2015 over Q4 June 2014.

Supreme Industries is a plastic processing company. It offers wide range of plastic products with a variety of applications in moulded furniture, storage & material handling products, XF films & products, performance films, industrial moulded products, protective packaging products, plastic piping system & petrochemicals.

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