The Bombay Stock Exchange Sensitive Index, or Sensex, rose 1 percent to 17,614.48. The S&P CNX Nifty Index on the National Stock Exchange advanced 1 percent to 5,289.05. The BSE 200 Index increased 0.9 percent to 2,243.03. SGX CNX Nifty Index futures for July delivery fell 0.2 to 5,288 at 10:36 a.m. in Singapore.
Bharti Airtel Ltd. (BHARTI IN): The mobile-phone company plans to invest $600 million in Nigeria over the next three years, Manoj Kohli, chief executive officer of Bharti’s African unit, told reporters in Lagos, the commercial capital. Last month Bharti completed a $9 billion acquisition of Zain’s African assets. The shares gained 1.5 percent to 271.55 rupees.
ECE Industries Ltd. (ECE IN): The electrical equipment supplier today commences its rights offer to sell one new share at 100 rupees for each one already held. The shares rose 0.6 percent to 130.75 rupees.
Maruti Suzuki India Ltd. (MSIL IN): Volkswagen AG, Europe’s largest carmaker, may partner India’s biggest carmaker to develop a small car at a price lower than its existing Polo hatchback, the Times of India newspaper reported citing company’s board member Christian Klinger. Maruti lost 0.3 percent to 1,392.35 rupees.
MMTC Ltd. (MMTC IN): India’s biggest state-run trader plans to raise 2.5 billion rupees ($53.3 million) of debt, according to terms posted on its website. It didn’t say what the money would be used for. The shares lost 0.5 percent to 29,830.4 rupees.
Rico Auto Industries (RAI IN): The supplier of parts to General Motors Co. and Ford Motor Co. was rated “neutral” in new coverage by Radhika Merwin, an analyst at IFCI Financial Services Ltd., with a share-price estimate of 28 rupees. The shares retreated 1 percent to 25.75 rupees.
SJVN Ltd. (SJVN IN): The operator of India’s largest hydropower plant may buy a 30 percent stake in a 638 megawatt hydroelectric project in Georgia at an estimated cost of 3.45 billion rupees, the Financial Chronicle reported, citing company Chairman H. K. Sharma. SJVN declined 0.6 percent to 24.45 rupees.
Tata Motors Ltd. (TTMT IN): India’s biggest truckmaker and owner of Jaguar Land Rover will invest 100 billion rupees ($2.13 billion) in two to three years on product development and to modernizing its facilities, according to a stock exchange filing yesterday. The shares increased 0.6 percent to 767.9 rupees.
TTK Prestige Ltd. (TTKPT IN): The maker of domestic appliances was downgraded to “outperform” from “buy” with a target price of 881 rupees by Tejo Nammina, an analyst at Batlivala & Karani Securities Pvt. The shares rose 8.1 percent to 873.5 rupees.