Opto Circuits up over 17% at Cabinet approves FDI in medical devices

MUMBAI: Shares of Opto Circuits, a Bangalore-based medical device company, surged over 17 per cent in trade after the Union Cabinet approved 100 per cent Foreign Direct Investment ( FDI) in medical devices via automatic route..

The move is to make India self reliant in the area of medical devices. India depends largely on imported medical devices as of now. More than 60 per cent of medical devices are being imported at the moment.

The foreign companies will be allowed to manufacture products in India and also takeover existing plants.

At 12:00 p.m.; the stock was at Rs 26.20, up 16.52 per cent, on the BSE. It rallied 17.85 per cent to touch intraday high of Rs 26.40.