Hathway Cable right at the top!
Hathway Cable had been hitting new 52-week lows consistently every single day, since 20th August. But today, the tide seems to have turned for the stock. With volumes jumping up from two-week average of 28,000 shares to 61,000 shares traded in today’s morning alone, the stock is up 11% at Rs.45, recouping all the losses it made over past few days.
The stock is up after the RBI yesterday removed the stock from its caution list, allowing FIIs to buy more shares in the company. RBI stated in its Press Release, “Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now purchase shares of Hathway Cable & Datacom. The investments can go up to 74% revised from the earlier limit of 49% under foreign direct investment policy -- of the company's paid-up capital through GDR/ADR/FDI under the Portfolio Investment Scheme (PIS) in primary market and stock exchanges.
As at 30th June 2015, FIIs held 14.54% v/s 46.32% held in March quarter.