CARE gains on receiving RBI’s approval for hiking FII limit to 74%

Credit Analysis and Research (CARE) is currently trading at Rs. 819.50, up by 14.55 points or 1.81% from its previous closing of Rs. 804.95 on the BSE. The scrip opened at Rs. 834.00 and has touched a high and low of Rs. 850.00 and Rs. 815.00 respectively. So far 19,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 874.90 on 21-Feb-2014 and a 52 week low of Rs. 415.05 on 02-Aug-2013. Last one week high and low of the scrip stood at Rs. 850.00 and Rs. 785.00 respectively. The current market cap of the company is Rs. 2,376 crore. The Institutions holding in the company stood at 66.13 % while Non-Institutions held 33.87% of company’s stake Credit Analysis & Research (CARE) has received an approval from the Reserve Bank of India (RBI) to increase FII shareholding limit up to 74% of the paid up capital of the company. Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 74% of the paid up capital of CARE under the Portfolio Investment Scheme (PIS). As of March 31, 2014, FII shareholding in the company stood at 15.66%. CARE is a second largest full service credit rating company in India, offering rating and grading services across a diverse range of instruments and industries including IPO grading, equity grading, and grading of various types of enterprises, including shipyards, maritime training institutes, construction companies and rating of real estate projects, among others.