Tech Mahindra gains as RBI allow raising Fill limit

Tech Mahindra gained momentum in a weak market after the RBI allowed raising the purchase limit of FIIs. The stock has surged over 42.22% in last three months.

Tech Mahindra Ltd.

BSE

1428.05

53.25(3.87%)

Vol: 98163 shares traded

NSE

1428.30

53.25(3.87%)

Vol: 815360 shares traded

Prices | Financials | Company Info | Reports

MUMBAI: Shares of Tech MahindraBSE 3.87 % gained momentum in a weak market after the Reserve Bank of India allowed raising the purchase limit of foreign institutional investors. 

"Tech Mahindra has passed resolutions at Board of Directors' level and a special resolution by the shareholders, agreeing to enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs), through primary market and stock exchanges up to 35 per cent of the paid up capital of the company under Portfolio Investment Scheme," RBI press release said. 

As of 30 June 2013, FIIs held 26.80 per cent stake in the company. 

At 10:15 a.m.; the stock was at 1,400, up 1.83 per cent, on the BSE. It touched a high of Rs 1,409 and a low of Rs 1,385 in trade today. 

The stock has surged over 42.22 per cent in last three months.

jawed eqbal

PGDM 1st yr