FIIs can now invest up to 49 per cent in Glenmark Pharma, shares rise

Glenmark Pharmaceuticals shares rose around 2 per cent in afternoon trade on Wednesday after the Reserve Bank of India increased FII investment limit in the stock to 49 per cent from 40 per cent earlier.

The promoter holding in the company was 48.30 per cent at the end of March 2015.

Since the beginning of the ongoing calendar year, Glenmark Pharmaceuticals' share price has jumped 15.98 per cent to Rs 899.35 on May 19.

However, the BSE Sensex gained 0.50 per cent during the same period.

According to a research report by Prabhudas Lilladher issued in April, the drug major's shares will touch Rs 1,186 in the next few quarters.