Time Technoplast gains as RBI hikes FII investment limit to 49%

RBI has approved hike in FIIs/RFPIs limit up to 49% of the paid-up capital of the company

Shares of Time Technoplast were up 8% at Rs 55 after the Reserve Bank of India approved hike investment limit by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolio Investors(RFPIs).

FIIs/RFPIs can now invest up 49% of the paid-up capital of Time Technoplast Ltd under the portfolio investment scheme, the RBI said in a release on Monday.

Foreign insitutional investors currently hold 17.6% stake in the company for the quarter ended December 2014, as per shareholding data available on Bombay Stock Exchange.

The stock opened at Rs 54 and touched a high of Rs 55.40. At 11:40AM over 2.3 million shares were traded on the stock exchanges.