Titan Company share price gained as much as 4.21 per cent in the morning trade on Friday after the company informed BSE that the Reserve Bank of India has permitted foreign institutional investors (FIIs) to invest upto 35 per cent of the paid up capital under the Portfolio Investment Scheme.
The Reserve Bank in a notification said that the foreign shareholding by FIIs in Titan Company Limited has gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company withdrawn with immediate effect.
At 11.04 am, the share price of Titan was trading 0.91 per cent up at Rs 366. The scrip opened at Rs 369 and had touched a high and low of Rs 378 and Rs 364.15, respectively, in trade so far. Later, the scrip settled 2.66 per cent down at Rs 353.05. For stock market updates click here.
RBI regularly prevents FIIs from buying shares in companies if they approach the limit stipulated by regulations and then re-adjusts once foreign ownership falls below prescribed level.
In the past one year, the share price of Titan Company fell 5.96 per cent to Rs 362.70 on December 10. Sensex fell 9 per cent during the same period.
The promoters holding in the company stood at 53.05 per cent while institution and non-institutions held 25.07 per cent and 21.68 per cent respectively.
For the quarter ended September 2015, the company posted net profit of Rs 145.39 crore, down 39.42 per cent, against Rs 239.98 crore in the corresponding quarter a year ago.