The Bombay Stock Exchange Sensitive Index, or Sensex, gained 40.79, or 0.3 percent, to 16,657.89. The S&P CNX Nifty Index on the National Stock Exchange rose 0.3 percent to 5,000.30. The BSE 200 Index increased 0.5 percent to 2,125.14. SGX CNX Nifty Index futures for June delivery rose 0.2 percent to 5,020 at 9:13 a.m. in Singapore. SGX CNX Nifty Index futures for June delivery added 0.1 to 5,010.5 at 10:52 a.m. in Singapore.
Axis Bank Ltd. (AXSB IN): Lanco Infratech Ltd. (LANCI IN) and Edelweiss Capital Ltd. (EDEL IN) are leading bids for the private equity unit of India’s Axis Bank, the Business Standard reported, citing two people it didn’t identify. Lanco and Edelweiss Capital offers were in the range of 300 million rupees ($6.38 million) to 450 million rupees, the report said.
Lanco, an infrastructure development company, lost 2.6 percent to 60.05 rupees. Edelweiss, an Indian provider of financial services, dropped 0.1 percent to 422.65 rupees. Axis gained 1.1 percent to 1,239.65 rupees.
Bharti Airtel Ltd. (BHARTI IN): The nation’s largest mobile-phone carrier plans to set up tower units in the African countries in which it has operations to cut costs, the Economic Times reported, citing its international unit Chief Executive Officer Manoj Kohli. The stock advanced 5.3 percent to 272.05 rupees.
Educomp Solutions Ltd. (EDSL IN): The computer training company was rated “buy” in new coverage by Diviya Nagarajan, an analyst at UBS AG, with a share-price estimate of 775 rupees. Educomp gained 0.1 percent to 543.1 rupee.
Engineers India Ltd. (ENGR IN): The state-run designer of oil refineries and chemical plants plans to file with the country’s market regulator by June 15 for a share sale to raise as much as 12 billion rupees in July, Chairman Ashok Kumar Purwaha said in New Delhi yesterday. The shares fell 0.4 percent to 315.7 rupees.
Hindustan Copper Ltd. (HCP IN): India’s monopoly miner of the metal will get government approval for its share sale tomorrow and is likely to hire advisers on June 21, Chairman Shakeel Ahmed said yesterday. The shares rose 0.1 percent to 471.35 rupees.
Hinduja Global Solutions Ltd. (HGSL IN): The technology services provider plans to spend as much as $100 million to buy a company this year, Chief Executive Officer Partha De Sarkar said in Bangalore yesterday. The shares rose 3 percent to 450.1 rupees.
NMDC Ltd. (NMDC IN): India’s largest iron ore producer will auction about 9,500 carats of rough diamonds from its Panna mine this month, the company said on its website. The auction is scheduled for June 18 and June 19 in Mumbai, NMDC said. The shares fell 0.5 percent to 255.5 rupees.
Reliance Industries Ltd. (RIL IN): The 20 percent plunge in the share price of India’s biggest oil refiner for a few seconds on June 1 was because of a mistake by a dealer in entering an order to sell the equity, according to the Bombay Stock Exchange.
Separately, the company’s board may have approved plans to provide telecom services, the Economic Times reported, citing two people it didn’t identify with knowledge of the decision. The shares rose 1.1 percent to 1,007.05 rupees.
Zensar Technologies Ltd. (ZENT IN): The software developer may buy a company in the U.S. in a deal worth as much as $100 million, Chief Executive Ganesh Natarajan said in Bangalore yesterday. The shares dropped 0.1 percent to 313.3 rupees.