Airlines: India’s finance ministry has asked the Department of Industrial Policy and Promotion to consult with the country’s market regulator before allowing foreign investment in airlines, the Press Trust of India reported Dec. 5, citing an official it didn’t identify. Jet Airways India Ltd. (JETIN) advanced 0.8 percent to 263.5 rupees, Kingfisher Airlines Ltd. (KAIR) climbed 2 percent to 25.65 rupees and SpiceJet Ltd. (SJET) added 0.7 percent to 22.45 rupees.
Dewan Housing Finance Corp. (DEWH) jumped 14 percent to 216.05 rupees, the biggest gain since Oct. 14, 2009. The company said one of its units plans to raise as much as 3 billion rupees through a second real-estate fund, according to an e-mail statement.
DLF Ltd. (DLFU) increased 1.3 percent to 225.2 rupees, its highest price in three weeks. India’s largest developer bought a 26 percent stake in unit DLF Hotels & Hospitality Ltd. that it doesn’t already own, the company said in a Dec. 5 regulatory filing.
Indiabulls Real Estate Ltd. (IBREL) dropped 10 percent to a record low of 56.5 rupees after the company spun off its power unit into another company. Shareholders buying the stock today won’t be entitled to shares of the power unit. Stockholders of the Indian developer will get 2.95 shares of Indiabulls Infrastructure & Power Ltd. for every one share held, according to a statement from the developer on Nov. 25.
Muthoot Finance Ltd. (MUTH IN) surged 2.4 percent to 175.95 rupees, its highest price since Nov. 17. The company will raise as much as 6 billion rupees selling non-convertible debentures, the company said in a statement Dec. 5.
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