Marico Kaya zooms to new high

Marico Kaya has been hitting a new high since the 28^th of August when it hit Rs.589 and today, it hit another new high at Rs.650. It currently trades at Rs.640 levels.

The stock has hit a high today after the RBI announced yesterday that FIIs could now invest upto 40% of the paid up capital of Marico Kaya Enterprises under the portfolio investment scheme. It stated that Marico Kaya has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs. The purchases could be made through primary market and stock exchanges. As at 30^th June 2014, FII holding in the company stood at 27.30%.