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Shares of Torrent Pharmaceuticals today rose 5.5 per cent after the government has approved the company’s proposal to increase FII investment limit.
The stock gained 4.52 per cent to Rs 1,367 — its 52-week high — on the BSE.
On NSE, the scrip surged 5.49 per cent to touch a one-year high of Rs 1,368.50.
Proposals of foreign direct investment (FDI) amounting to around Rs 4,000 crore by four pharma and medical devices firms, including Torrent Pharmaceuticals and Biocon’s research services arm Syngene, were yesterday approved by the government.
Ahmedabad-based Torrent Pharmaceuticals’ Rs 3,000-crore proposal to raise FII investment limit to 35 per cent from 13.09 per cent was the biggest in terms of value cleared by the government yesterday based on the recommendations of the Foreign Investment Promotion Board (FIPB) at its meeting held on May 28, 2015.
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