Lupin shares up nearly 4% on hike in foreign investment limit

MUMBAI: Shares of Lupin gained nearly 4 per cent today after the Reserve Bank said foreign institutional investors and registered foreign portfolios investors can now invest up to 49 per cent of the paid-up capital in the company under Portfolio Investment Scheme ( PIS).

The stock settled 3.66 per cent higher at Rs 1,679.05 on the BSE. During the day, it gained 4.29 per cent to Rs 1,692.50 -- its 52-week high. At the NSE, it rose by 3.67 per cent to close at Rs 1,677.

In terms of volume, 1.07 lakh shares of the company changed hands at the BSE and over 17 lakh shares were traded at the NSE during the day.

"The company has passed resolutions at its Board of Directors' level and a special resolution by the share-holders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs," RBI had said in a release yesterday.