Mumbai: Shares of country's only listed microfinance company SKS Microfinance, Tuesday hit the upper circuit limit on the BSE after FIIs hike their stake in the company to record high of 31.77 percent.
Foreign investors have hiked their stake in SKS Microfinance to an all-time high of 31.77 percent in the July-September quarter -- from a record low of 8.33 percent at the end of preceding three-month period.
Reacting to the development, the stock opened on a bullish note and then surged as much as 4.97 percent to hit its upper circuit limit of Rs 126.50 on the BSE.
The stock however, lost some ground and closed higher by 3.40 percent at Rs 124.60.
The market valuation of the company rose by Rs 70 crore to Rs 1,292 crore at close Tuesday.
Foreign investors that have acquired fresh shares during the last quarter include CLSA, Royal Bank Investment, Credit Suisse and Morgan Stanley.
Currently, CLSA (Mauritius) owns 8.77 percent, while Royal Bank Investment Partners (London) owns 4.62 percent. Morgan Stanley (Singapore) and Credit Suisse held 4.16 percent and 1.48 percent stakes respectively.