Stocks up on FDI plans in aviation

Nov 26, 2012 |

Reuters

mumbai

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India’s main indexes ended higher on Monday, led by gains in export-driven technology shares such as Infosys due to rupee’s weakness versus dollar, while reports of a stake sale to Etihad Airways buoyed Jet Airways stocks.
The benchmark BSE index ended up 0.16 percent, or 30.44 points, to end at 18,537.01.
The 50-share NSE index also rose 0.17 percent, or 9.30 points, to 5635.90.
Struggling Indian carriers Jet Airways and SpiceJet are in talks with Abu Dhabi’s Etihad Airways and Malaysia’s AirAsia Bhd to sell minority stakes, a senior government official with direct knowledge of the talks said.
Jet Airways shares rose 10.9 percent while SpiceJet ended 13 percent higher.
GlaxoSmithKline Consumer Healthcare Ltd rose to its maximum daily limit of 20 percent, after GlaxoSmithKline Plc said it plans to buy up to an additional 31.8 percent stake in its arm for about $940 million.
Export-driven technology shares rose following weakness in the rupee. Infosys rose 1.7 percent, while Tata Consultancy Services ended up 0.4 percent.
Shares in United Spirits gained 3.2 percent after Nomura upgraded the stock to ‘buy’ from ‘neutral’ and raised its target price to 2,200 rupees from 675 rupees, advocating a structural re-rating after a deal with Diageo Plc.

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