Mumbai: The Reserve Bank of India allowed overseas investors to buy more shares of ACC, the biggest cement maker by capacity, after their stake fell below a limit.
Foreign institutional investors can buy shares after their holding in ACC fell below 22%, the bank said.
Shree Cement stocks gained Rs.19.20 at Rs.1113.35, Grasim Industries by Rs.21.50 at Rs.2481.20, Gujarat Ambuja Cement by Rs.2.20 at Rs.116 and Madras Cement by Rs.23.95 at Rs.2823.
Housing Development rose Rs.54.35, or 3 per cent, to Rs.1,873.10 as the mortgage lender would sell 7.11% equity capital to investors including a U.S.-based Carlyle Group, and Citigroup Strategic Holdings Mauritius Ltd. HDFC Bank stocks also rose by Rs.55.95 at Rs.1125.40.
Another leading private lender with its major share in housing finance business - ICICI Bank shot up by Rs.9.25 at Rs.922.35, State Bank of India by Rs.7.60 at Rs.1306 and Bank of Baroda by Rs.6.80 at Rs.276.20.