Eveready Industries Surges 7% on RBI Nod to Hike FII Investment Limit

Eveready Industries surged as much as 7 per cent on Wednesday on Reserve Bank's decision allowing foreign investors to buy up to 49 per cent in the company under the Portfolio Investment Scheme (PIS).

Traders expect foreign investors to start buying Eveready Industries shares post RBI nod.

As per data on the Bombay Stock Exchange, FIIs held 16.29 per cent in the company as of quarter ended June 2015. FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.

Shares of Eveready Industries closed 2.98 per cent higher at Rs 288.75 apiece compared to 1.35 per cent gain in the broader Nifty.

(With inputs from PTI)