GE Shipping surges after RBI lifts FII limit

Reuters Market Eye - Great Eastern Shipping shares rose as much as 6.6 percent after the Reserve Bank of India allowed the company to increase its foreign institutional investor (FII) limit.

The central bank said in a statement late on Wednesday that FIIs can now purchase through the primary market and stock exchanges up to 33 per cent of the paid-up capital of Great Eastern Shipping under the Portfolio Investment Scheme.

At 9:54 a.m. shares of the shipping firm were up 2.5 percent at 292.20 rupees.

(Reporting by Indulal PM)