Manpasand Beverages shares soar over 7% after RBI hikes FPI investment limit

Shares of Manpasand Beverages climbed over 7 per cent after the Reserve Bank of India (RBI) allowed increase in FPI investment limit in the company to 49 per cent from 24 per cent earlier.

The scrip closed Thursday's session 7.79 per cent up at Rs 404.25. Shares of the company opened at Rs 390 and touched a high and low of Rs 409.55 and Rs 388.30, respectively.

The Reserve Bank of India on Wednesday, post market hours, notified that the investment limit by Foreign Portfolios Investors (FPIs) in Manpasand Beverages has increased from 24 per cent to 49 per cent of its paid up capital.

"Further, owing to the increase in the investment limit, it is notified that the aggregate shareholding by FPIs in Manpasand Beverages has gone below the prescribed FPIs investment limit for the company. Hence, the restrictions placed on the purchase of shares of the above company by FPIs, are withdrawn with immediate effect," the Central Bank said in a notification.

On the BSE, 56,000 shares were traded in the counter so far, compared with average daily volumes of 11,000 shares in the past two weeks.

The stock had hit a 52-week high of Rs 511.83 on September 15, 2017 and 52-week low of Rs 253.38 on December 26, 2016.