The Reserve Bank of India (RBI) on Friday raised investment limit for foreign institutional investors (FIIs) to 40% of the paid up capital of Somany Ceramics under the Portfolio Investment Scheme (PIS).

The RBI said, "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."

Recently, the company disclosed a sharp rise in standalone net profit for the quarter ended March 2015. During the quarter, the profit of the company rose 32.2% to Rs 147.8 million from Rs 111.8 million in the same quarter last year.  Net sales for the quarter rose 12.22% to Rs 4.59 billion, compared with Rs 4.09 billion for the prior year period.

Shares of the company gained Rs 5.6, or 1.39%, to settle at Rs 407.10. The total volume of shares traded was 3,019 at the BSE (Friday).