Eicher Motors stock pare early gains; settle flat

Trimming early gains, shares of Eicher Motors ended the day lower on profit-booking, a day after RBI allowed foreign investors to invest up to 49 per cent of the paid-up capital in the company.
The stock ended 0.15 per cent lower at Rs 15,837.45 on the BSE. In intra-day, it had gained 3 per cent to Rs 16,350.
At the NSE, shares of Eicher Motors settled at Rs 15,837.20 apiece, down 0.22 per cent.
Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid-up capital of Eicher Motors under the Portfolio Investment Scheme (PIS), RBI had said in a statement yesterday.

"... The company has passed resolutions at its Board and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs," it had said.
The purchases can be made through primary market and stock exchanges, it added.
As per data available on the BSE, FIIs hold 19.47 per cent stake in the company as of quarter ended December 2014.
In the stock market, the BSE benchmark Sensex ended at 28,666.04, down 133.65 points.