India Equity: Larsen & Toubro, Marico, State Bank, Tata Motors
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of 9:52 a.m. local time.
The Bombay Stock Exchange Sensitive Index, or Sensex, climbed 44.5, or 0.2 percent, to 18,860.1. The BSE 200 Index was also little changed at 2,317.83.
Future Capital Holdings Ltd. (FCHL) added 1.7 percent to 138.95 rupees. Centrum Capital Ltd. (CECA) , a financial services company, agreed to buy a 50 percent stake in FCH Centrum Direct Ltd. from Future Capital for 1 billion rupees ($22.4 million) in cash and stock. Centrum also agreed to sell a 50 percent stake in FCH Centrum Wealth Managers Ltd. to Future for 10 million rupees, according to a statement on the Bombay Stock Exchange on March 25. Centrum fell 2.3 percent to 1,200 rupees.
Larsen & Toubro Ltd. (LT) added 1.9 percent to 1,628.8 rupees, poised for its highest close since March 3. The country’s biggest engineering company may sell stakes in ventures in which it isn’t a majority shareholder, the Business Standard reported, citing people it didn’t name. Spokesman Deepak Morada said Larsen doesn’t comment on speculation.
Marico Ltd. (MRCO) advanced 1.8 percent to 132.5 rupees, its steepest advance since March 16. Cargill Foods India agreed to acquire Marico’s refined sunflower oil brand Sweekar, it said in an e-mailed statement on March 25, without giving details.
State Bank of India (SBIN) Ltd increased 0.6 percent to 2,727.4 rupees, headed for its highest level since Feb. 21. The largest lender may raise $1 billion outside India selling medium-term debt, Chairman O.P. Bhatt said in New Delhi on March 25. He said lending rates in India may not rise in coming months. The bank also plans to start operations in Uganda, according to Justine Bagyenda, an official at the East African nation’s central bank.
Tata Motors Ltd. (TTMT) added 2.3 percent to 1,209 rupees, set for its highest close since Feb. 17. The owner of Jaguar Land Rover is in talks to buy the Warsaw-based Fabryka Samochodow Osobowych car plant as part of its plan to access eastern European markets, Financial Express reported, citing an unidentified industry official. Tata Motors was the best Sensex performer. Debasis Ray, a spokesman of Tata Motors, didn’t answer two calls to his mobile phone seeking comment.
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