Bharat Petroleum gains on RBI nod to hike FII limit to 49%

Shares of Bharat Petroleum Corporation were up more than 1.5% at Rs 996 on the Bombay Stock Exchange, in a generally frail business sector, after the Reserve Bank of India endorsed increment in venture limit by remote institutional speculators/outside portfolio financial specialists.

The Reserve Bank of India, in a public statement on Wednesday, has educated that FIIs and enlisted FPIs can now contribute up to 49% of the paid-up capital of the organization under the portfolio speculation plan. The current venture utmost was 24%.

The stock opened at Rs 991 and touched a high of Rs 999. At 9:40am, more than 200,000 shares were exchanged on both the stock trades.

Read more at: http://dollaradvisory.com