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The stock of Escorts Ltd has witnessed a sharp surge on the bourses on market talk that a foreign institutional investor has agreed to purchase a stake in the company at a higher price than its current price, said dealers. Last month, RBI had allowed FIIs to purchase equity and convertible debentures of the company through primary market and stock exchanges under the portfolio investment scheme. FIIs could buy up to 49 per cent of the paid-up capital. Following the announc ement, the company has finally found a strategic investment from an FII, said market men. The company officials however, were unavailable for comment. The company, which also has a sizeable land property in Delhi, has good visibility, said dealers. The stock closed at Rs 120.50 on the BSE, up 7.69 per cent.

Namrata Gata

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