Rallis India is among the top three gainers on the BSE since the opening bell today morning. The stock is up 7% at Rs.246 levels. Its 52-week high is at Rs.264.60.
No new development in the company as such, just a foreign brokerage announcing that it has bought stocks and initiated coverage.
Yesterday, Franklin Templeton Mutual Fund bought 17,81,405 shares or nearly 1% of the company on the BSE at Rs.230/share.
That is the power of FIIs; the moment they announce a coverage, there is a rush to get that stock, not just other FIIs but retail investors too.