FIPB to consider hiking FII limit in Lupin; stock rallies

MUMBAI: Shares of pharmaceutical major Lupin rallied nearly 3 per cent intraday after ET Now reported that the Foreign Investment Promotion Board is likely to consider hiking FII limit in Lupin at its meeting on October 21, 2014.

In an attempt to lure foreign investors, FIPB is considering as many as 48 FDI proposals, including a dozen from the pharma sector.

Other companies that might come up for consideration at later meetings include Sanofi- Synthelabo and Sun Pharma.

At 10:40 a..m; the stock was at Rs 1346.80, up 1.40 per cent, on the BSE. It touched a high of Rs 1366.90 and a low of Rs 1317.25 in trade today.