BPCL jumps on FII limit increase
BPCL jumps on FII limit increase
By Research Desk
about 10 years ago
Public sector oil marketing company, BPCL is in the spotlight currently. Moving up 2% intra day to Rs.999, just Rs.33 shy of its 52-week of Rs.1032, the stock, for now, remains firmly in the green.
The stock is up after RBI approved increase in investment limit by foreign institutional investors/foreign portfolio investors.
The RBI stated in its Press Release that FIIs and registered FPIs can now invest upto 49% of the paid-up capital, up from the existing limit of 24%.
As at 31st March 2016, Govt of India held 54.93% stake, FIIs held 0.13% and FPIs held 21.13%.