Market Updates
India to Sell 5% Stake in ONGC, JSW Acquires Italian Steel Maker
Mukesh Buch
16 Sep, 2014
New York City
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Hindustan Unilever is in talk with Everstone Capital for investment in Modern Foods division. JSW Steel agreed to buy Italy-based Lucchini for $100 million. Mastek separated its insurance and service business into a new company. Central government of India approved the sale of 5% in ONGC.
[R]6:00 PM Mumbai – Hindustan Unilever is in talk with Everstone Capital for investment in Modern Foods division. JSW Steel agreed to buy Italy-based Lucchini for $100 million. Mastek separated its insurance and service business into a new company. Central government of India approved the sale of 5% in ONGC.[/R]
The Sensex Index declined 324.05 or 1.2% to close at 26,492.51 The CNX Nifty dropped 109.10 or 1.4% to 7,932.90.
Gainers & Losers
Hindustan Unilever Ltd rose 0.5% to Rs 758.35 after the company is in talk with private equity fund Everstone Capital on partnership for its Modern Foods division.
JSW Steel Limited declined 4.4% to Rs 1,274.90 after the steel producer plans to acquire Italy-based Lucchini SpA for about $100 million.
Larsen & Toubro Limited slumped 2.8% to Rs 1,516.90 after the company won orders worth Rs 2,050 crore in August and September.
Mastek Ltd surged 13.2% to Rs 306.20 after the company demerge its insurance product and service business into a new company as “Majesco.”
Oil & Natural Gas Corporation Limited dropped 2.9% to Rs 408.75 after the central government approved the sale of 5% stake in the company.
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