GE Shipping shares end over 1% up, trimming early gains

Trimming most of its early gains, shares of Great Eastern Shipping Company today ended over 1 per cent higher after the Reserve Bank allowed foreign investors to buy up to 33 per cent of the company's paid-up equity capital.
After surging 4.99 per cent to Rs 298.45 in intra-day trade, GE Shipping's stock ended at Rs 287.75, up 1.23 per cent on the BSE. At the NSE, the stock closed at Rs 288.25, up 1.16 per cent.
Marketmen said the stock lost momentum due to a weak broader market. The benchmark Sensex ended at 20,193.35, down 255.14 points.
"Foreign institutional investors (FIIs), through primary market and stock exchanges, can now purchase up to 33 per cent of the paid up capital of Great Eastern Shipping Co," the RBI said yesterday in a notification.

The company has passed a special resolution to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs.
FIIs, non-resident Indians and persons of Indian Origin can invest in the primary and secondary capital markets in India through the portfolio investment scheme.