India Movers: L&T, ONGC, Tesco Plans to Acquire 50% stake in Trent

Mukesh Buch
18 Dec, 2013
New York City

Future Retail received regulatory approvals to sell 22.5% stake of its insurance business. L&T secured a $450 million order from Qatar. U.K. based retailer Tesco plans to acquire 50% stake for $110 million in Trent Limited.

[R]6:00 PM Mumbai – Future Retail received regulatory approvals to sell 22.5% stake of its insurance business. L&T secured a $450 million order from Qatar. U.K. based retailer Tesco plans to acquire 50% stake for $110 million in Trent Limited.[/R]

The Sensex Index climbed 247.72 or 1.2% to close at 20,859.86. The CNX Nifty jumped 78.10 to close at 6,217.15.

Gainers & Losers

Aurobindo Pharma Limited surged 6.2% to Rs 376.70 and the company received the final approval from U.S. Food and Drug Administration to manufacture and market a generic medicine in the United States.

Future Retail Limited soared 5.1% to Rs 69.55 and the company received approvals from the government and regulatory authorities to sell a 22.5% stake valued Rs 350 crore in life insurance firm Future Generali India Life Insurance Co. Ltd to Industrial Investment Trust Ltd.

GAIL (India) Limited climbed 2.3% to Rs 342.25 after the gas distributor doubled marketing margin that it charged to customers of sale of small volume of gas sourced from state-owned ONGC.

JK Tyre & Industries Ltd declined 3.8% to Rs 153.15 after the company allotted over 4 million warrants to the promoters at a price of Rs 115 per share.

Larsen & Toubro Limited climbed 2.8% to Rs 1,093.50 and the company said its power transmission and distribution unit secured an order worth Rs 2,935 crore from Qatar General Electricity & Water Corporation.

Oil and Natural Gas Corporation Limited jumped 2.3% to Rs 281 and the company plans to boost oil production from its Mumbai High.

PTC India Limited gained 2.4% to Rs 63.35 after the company sold its entire 16.76% stake in Meenakshi Energy for Rs 209.73 crore.

Sun Pharmaceutical Industries Limited rose 0.7% to Rs 573.15 after the U.S. Food and Drug Administration disapproved its new drug application for generic version of an anti-depressant drug.

Trent Limited soared 10.7% to Rs 1,181.15 after the U.K.-based retailer Tesco plans to acquire a 50% stake in Trent Hypermarkets for $110 million.

Tata Steel Limited gained 1.5% to Rs 414.85 and the company plans to sell its Borivli manufacturing facility.