UltraTech Cement shares rose over 4 per cent on Wednesday after the company received an approval from the Reserve Bank of India (RBI)allowing Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) to invest up to 30 per cent of the paid up capital of the company under the Portfolio Investment Scheme (PIS). The purchases could be made through primary market and stock exchanges and would be subject to Regulation and other terms and conditions stipulated by the Reserve Bank.
UltraTech Cement shares were trading 3.99 per cent up at Rs 4044.00. The scrip opened at Rs 3903.05 and touhced a high and low of Rs 4050 and Rs 3903.05, respectively. Later, the scrip ended 3.61 per cent up at Rs 4029.15.
RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points lower than the actual ceiling.
The company passed resolutions at its board of directors level and a special resolution by the shareholders, agreeing to raising the limit for purchase of its equity shares by FIIs/RFPIs.
The BSE group ‘A’ stock of face value Rs 10 has touched a 52-week-high of Rs 4023.05 0 on Aug 31, 2016 and a 52-week-low of Rs 2581.15 on Jan 18, 2016.
The promoters holding in the company stood at 62.27%, while Institutions and Non-Institutions held 26.92% and 10.55% respectively.
UltraTech Cement is the largest manufacturer of grey cement, Ready Mix Concrete (RMC) and white cement in India. It is also one of the leading cement producers globally. UltraTech as a brand embodies strength, reliability and innovation.