Shares in IDFC Ltd surge as much as 7 percent after the Reserve Bank of India on Wednesday lifted restrictions placed on foreign investors purchasing shares of the company as their shareholding in IDFC fell below the prescribed limit.
The company had reduced the limit that foreign investors can own in the infrastructure lender to 54 percent from 74 percent without giving a reason in August.
Dealers say the FII investment limit was reduced earlier to comply with RBI's bank licence guidelines as the company has applied for a banking licence
The stock was trading up 4.7 percent at 96.60 rupees at 0418 GMT while the broader market was down 0.50 percent.
Shares in India's Jaiprakash Associates Ltd rose 2.1 percent at pre-open trading, after the company agreed to sell its cement plant in the western state of Gujarat to UltraTech Cement Ltd for about 38 billion rupees ($594 million) including debt.
UltraTech, the country's largest cement maker by production capacity, will issue shares worth up to 1.5 billion rupees to Jaiprakash and assume debts of about 36.50 billion rupees , the companies said on Wednesday.
UltraTech shares also rose 2.8 percent in pre-open trading on Thursday.
After edging higher marginally in opening trades, the Indian market slipped into the negative zone this morning, with investors taking some profits at a few front line counters.
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