Strides Arcolab is doing very well today morning, opening higher over previous close at Rs.896, its low point of the day and then zooming to an intra day high at Rs.927. It currently remains strongly in the green at Rs.910, up over 3%.

The stock is up after the company announced that its Board approved the increase in the limit of investments by Foreign Institutional Investors (FIls) in the equity share capital of the company from 49% to 74%, subject to approval of the Members, Reserve Bank of India and any other approvals as may be required. FII holding in the company at end of 31^st March 2013 stood at 45.51%, up from 37.33% at end of Q3FY13. Promoter holding has gon down marginally from 27.51% to 27.39%.