Despite weak market conditions, shares of Container Corporation of India jumped 8 per cent in early deal on Monday to Rs 1,606.95 on the BSE.
The stock climbed to a high of Rs 1,650 in the opening trade, as the RBI allowed foreign portfolio investors buying up to 34 per cent of the paid-up capital of the company under the Portfolio Investment Scheme.
Meanwhile, the BSE Sensex tumbled 1.25 per cent or 360 points.
Currently, FIIs own 25.03 per cent stake in the logistics major. FII holding has been declining consistently in the stock in the last four quarters. From 28.95 per cent at the end of December 2013, foreign institutions' holding has reduced to the current level.
The large-cap company has an equity capital of Rs 194.97 crore, and the face value per share is Rs 10.
The Reserve Bank of India after market hours on Thursday had further said that the foreign shareholding by FIIs/RFPIs in Container Corporation of India has gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect, it said.
The PSU major reported a net profit of Rs 301.08 crore for the quarter ended December 2014 on revenues of Rs 1,451.79 crore.
The Government of India holds 61.80 per cent stake in Concor.