Torrent Pharma shares gain on FIPB nod to raise FII limit

Torrent Pharmaceuticals shares gained over 1 per cent on Thursday after the company received approval from the government to raise the limit of investment by foreign institutional investors (FII) from 13.09 per cent to 35 per cent.

Shares of Torrent Pharma closed at Rs 1,321, up 1.04 per cent against its previous close. Meanwhile, it opened at Rs 1,340.40, and touched an intraday high and low of Rs 1,367 and 1,320.

The Bombay Stock Exchange (BSE) Sensex gained 283.17 points to 27,115.83.

In the past one year, the share price of the company has jumped 95 per cent to Rs 1307.85 on June 17. It was at Rs 671.50 on the same day a year ago.

For the financial year ended March 2015, the company reported consolidated net profit of Rs 751 crore, up 13.10 per cent, against Rs 664 crore a year ago.

The promoters holding in the company stood at 71.25 per cent while institutions and non-institutions held 19.02 per cent and 9.73 per cent, respectively.