Hathway Cable surges on removal of RBI ban

The stock rallied 16% to Rs 46.90 after the RBI said it has removed the company from its caution list and foreign investors can now buy more shares in the company.

Shares of Hathway Cable & Datacom has rallied 16% to Rs 46.90 on the BSE in early morning trade after the Reserve Bank of India (RBI) said it has removed the company from its caution list and foreign investors can now buy more shares in the company.

“The company has received the aforesaid letter from the RBI for increase in the foreign investment limit/ceiling under the Portfolio Investment Scheme (PIS) route for foreign institutional investors (Flls), Registered Foreign Portfolio Investors (RFPIs), etc. from 49% to 74% of issued and fully paid up share capital,” Hathway Cable & Datacom said in a BSE filing.

The name of the company is removal from RBI ban list-GDR/ADR/FDI/NRI/PIO/FII/RFPIs, it added.

At 09:24 AM, the stock was up 11% at Rs 45 on the BSE. A combined 285,767 shares changed hands on the counter on the BSE and NSE.