Shares of Torrent Pharmaceuticals today settled over 3 per cent higher after government approved the company's proposal to increase FII investment limit.
The stock closed at Rs 1,331.60, up 1.82 per cent on the BSE. During the day, it gained 4.52 per cent to Rs 1,367 -- its 52-week high.
On the NSE, shares of the company settled 3.11 per cent higher at Rs 1,337.70.
The company's market value went up by Rs 402.2 crore to Rs 22,533.20 crore.
Proposals of foreign direct investment (FDI) amounting to around Rs 4,000 crore by four pharma and medical devices firms, including Torrent Pharmaceuticals and Biocon's research services arm Syngene, were yesterday approved by the government.
Ahmedabad-based Torrent Pharmaceuticals' Rs 3,000-crore proposal to raise FII investment limit to 35 per cent from 13.09 per cent was the biggest in terms of value cleared by the government yesterday based on the recommendations of the Foreign Investment Promotion Board (FIPB) at its meeting held on May 28, 2015.
Meanwhile, the BSE 30-share index, Sensex, closed the day at 27,115.83, up 283.17 points.
