Nippon Life Lifts Reliance Life Stake to 49%, Mumbai Stocks Ease

Sarla Buch
24 Nov, 2015
New York City

Stocks in Mumbai trading lacked directions as foreign investors trim holdings. Japan-based Nippon Life Insurance lifted its stake from 26% to 49% in Reliance Life Insurance. Max India plans to sell 23% stake in Max Bupa Health insurance.

[R]6:00 PM Mumbai, India – Stocks in Mumbai trading lacked directions as foreign investors trim holdings. Japan-based Nippon Life Insurance lifted its stake from 26% to 49% in Reliance Life Insurance. Max India plans to sell 23% stake in Max Bupa Health insurance.[/R]

Stocks in Mumbai trading lacked direction and foreign investors continued to trim portfolio holdings in India.

Foreign investors lowered net holdings by ₹35.37 crore on Monday, according to the latest data from two largest exchanges in Mumbai.

Rupee gained 10 paisa to 66.37 against one U.S. dollar.

The Sensex Index fell 43.60 to close at 25,775.74. The CNX Nifty decreased 17.65 to 7,831.60.

Tomorrow Markets in India are scheduled to close in observance of Gurunanak Jayanti.

Gainers & Losers

BGR Energy Systems Limited jumped 3.9% to ₹115.40 after the capital equipment maker won new orders worth ₹300 crore from NTPC and Transmission Corporation of Telangana.

Lanco Infratech Limited surged 19.9% to ₹6.39 after the power producer said net in the second-quarter swung to profit from a year ago to ₹98.90 crore.

The power producer plans to raise up to $1 billion through a stake sale and reduce debt.

Max India Limited dropped 2.5% to ₹541.80 after the specialty films maker plans to sell 23% stake in Max Bupa Health insurance to the U.K.-based Bupa Plc for about ₹191 crore. The news was first reported by Economic Times.

National Buildings Construction Corporation Ltd soared 6.2% to ₹995.45 and the infrastructure developer secured a contract from All India Institute of Medical Sciences for ₹5,828 crore.

Pfizer Limited increased 2.6% to ₹2,500.70 after the drug maker’s U.S.-based parent company agreed to acquire Botox maker Allergan for about $160 billion.

Reliance Capital Limited advanced 3.7% to ₹423.40 after the Japan-based Nippon Life Insurance lifted its stake from 26% to 49% in Reliance Life Insurance, a subsidiary of the company for about ₹2,265 crore or $348 million.