Lupin gained on Friday after the Reserve Bank of India (RBI) said that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of Lupin under the Portfolio Investment Scheme (PIS).

The Reserve Bank has stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges and would be subject to Regulation 5(2) of FEMA Notification No.20/2000-RB dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank.

Shares of the company gained Rs 48.2, or 2.98%, to trade at Rs 1,668. The total volume of shares traded was 51,356 at the BSE (11.14 a.m., Friday). The scrip has touched an intra-day high of Rs 1,692.50 and low of Rs 1,658.50. The total volume of shares traded at the BSE is 51,356.