Bharat Petroleum gains on RBI nod to hike FII limit to 49%

The RBI has hiked the FII investment limit to 49% from 24% earlier

Shares of Bharat Petroleum Corporation were up over 1.5% at Rs 996 on the Bombay Stock Exchange, in an otherwise weak market, after the Reserve Bank of India approved increase in investment limit by foreign institutional investors/foreign portfolio investors.

The Reserve Bank of India, in a press release on Wednesday, has informed that FIIs and registered FPIs can now invest up to 49% of the paid-up capital of the company under the portfolio investment scheme. The existing investment limit was 24%.

The stock opened at Rs 991 and touched a high of Rs 999. At 9:40am, over 200,000 shares were traded on both the stock exchanges.