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Hathway Cable settles with gains of 8% post removal from RBI’s caution list

Hathway

Mumbai: Shares of Hathway Cable on Thursday settled with gains of over 8% after the Reserve Bank removed the company from its caution list and revised the foreign holdings limit.

During the day, the shares had jumped as much as 16% to touch an intra-day high of Rs 46.90 on BSE. The script, however, lost some ground and at the close of Thursday’s trading was quoted at Rs 43.80 on BSE, up 8.42%.

Similar movement was seen on the National Stock Exchange as well, where the stocks opened at Rs 44.50, then jumped 18.45% to touch an intra-day high of Rs 47.50 and finally settled for the day at Rs 43.40, up 8.23% from its previous closing price.

The Reserve Bank on Wednesday said it has removed Hathway Cable & Datacom from its caution list and foreign investors can now buy more shares in the company.

“Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now purchase shares of Hathway Cable & Datacom,” RBI said in a release.

The investments can go up to 74% — revised from the earlier limit of 49% under foreign direct investment policy — of the company’s paid-up capital through GDR/ADR/FDI under the Portfolio Investment Scheme (PIS) in primary market and stock exchanges, it added.

According to BSE data, FIIs held 14.54% in the company as of the quarter ended June 2015.

PTI