Insurance stocks gain after parliament passes bill to hike FII limit

Lawmakers in Rajya Sabha agreed to increase the FII limit in insurers firms to 49% from 26%

Shares in insurance companies surged on Friday after parliament passed a bill proposing to increase overseas investment limit in the sector.

Max India gained 4.8%, Reliance Capital added 3.9% while Exide Industries surged 2.7% at 9:21 a.m.

Lawmakers in the Rajya Sabha agreed to increase the foreign investment limit in insurers firms to 49% from 26% after the opposition Congress party supported the bill that was cleared by the Lok Sabha last week.