Mcleod Russel India soared 7.65% to Rs 40.10 at 13:40 IST on BSE after the Reserve Bank of India raised the foreign invesment ceiling in the company.
The stock hit a high of Rs 42.50 and a low of Rs 38.10 so far during the day. The stock had a 52-week high of Rs 118.70 on 22 May 2008 and a 52-week low of Rs 35.25 on 2 December 2008.
The company has an equity capital of Rs 54.73 crore. Face value per share is Rs 5.
The current price of Rs 40.10 discounts its Q2 September 2008 annualised EPS of Rs 44.48, by a PE multiple of 0.90.
The Reserve Bank of India has allowed foreign funds to buy shares up to 40% of Mcleod Russel India's paid-up capital from the earlier level of 24%. The company's board of directors and shareholders had already passed a resolution to that effect.
Mcleod Russel India's net profit rose 33.8% to Rs 121.73 crore on a 37.3% rise in sales to Rs 279.20 crore in Q2 September 2008 over Q2 September 2007.
McLeod Russel India cultivates, manufactures, and markets tea. The group owns tea estates in Assam and Dooars in West Bengal.
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