UltraTech Cement shares jumped as much as 3.52 per cent to hit a fresh-52 week high of Rs 4,029 on Wednesday, after the company received RBI’s nod to raise the investment limit for foreign portfolio investors. UltraTech Cement was the top gainer in the Nifty50 index.
“The Reserve Bank of India has issued a press release dated 30th August, 2016 relating to increase in the limit for investment in the equity share capital of the company by Registered Foreign Portfolio Investors (RFPIs) including Foreign Institutional Investors (FIIs) up to 30% of the paid up capital of the company,” UltraTech Cement said in a release to Bombay Stock Exchange.
The raising of foreign investment limit is expected to increase FII inflows into UltraTech Cement shares, analysts said.
In May, UltraTech Cement’s board had approved a proposal to increase the foreign investment limit in the company to 30 per cent.
As of 9.42 a.m., UltraTech Cement shares traded 3.03 per cent higher at Rs 4009.90 compared to 0.42 per cent gain in the broader Nifty.