he Bombay Stock Exchange’s Sensitive Index, or Sensex, rose 28.36, or 0.2 percent to 17,628.48 as of 10:41 a.m. local time. The S&P CNX Nifty Index on the National Stock Exchange slid 8.40, or 0.2 percent to 5,219.80.
Bharti Airtel Ltd. (BHARTI IN) slid 5.75 rupees, or 0.6 percent, to 894.50 India’s largest mobile-phone operator may bid for South Africa-based MTN Group Ltd., the Financial Times reported, citing Chairman and Managing Director Sunil Bharti Mittal.
Larsen & Toubro Ltd. (LT IN) gained 96 rupees, or 3.1 percent, to 3,231.05. India’s biggest engineering company will separate businesses into 12 new companies, the Economic Times reported, without saying where it obtained the information. The move might help Larsen unlock shareholder value by listing these companies, the paper said.
Mahindra & Mahindra Ltd. (MM IN) fell 8.75 rupees, or 1.3 percent, to 682.50. India’s biggest maker of sports-utility vehicles said it will sell a 3.68 percent stake to a unit of Goldman Sachs Group Inc. to expand its automobile and tractor business. Mahindra will sell 9.39 million convertible debentures to Golboot Holdings Ltd. at 745 rupees each to raise 7 billion rupees, the Mumbai-based company said in a statement on May 3.
Oil & Natural Gas Corp. (ONGC IN) slid 10 rupees, or 1 percent, to 1,029.95. India’s biggest explorer said it plans to invest 35.71 billion rupees to boost output from its domestic oil and gas fields, the company said in a statement.
State Bank of India (SBIN IN) dropped 44.7 rupees, or 2.5 percent, to 1,777.70. India’s largest lender had its stock rating cut to ``underperform’’ from ``neutral’’ at Macquarie Group Ltd. and to ``underweight’’ from ``equal-weight,’’ at Morgan Stanley because of rising bad loans. The bank’s non performing assets rose 28 percent to 128 billion rupees as of March 31, compared with about 100 billion rupees a year earlier, Mumbai-based State Bank said on May 2.
Tata Motors Ltd. (TTMT IN) fell 14.55 rupees, or 2.1 percent, to 677. India’s biggest truck and bus maker said sales in April fell 5.8 percent from a year earlier. Tata Motors sold 38,149 commercial and passenger vehicles in India and overseas last month, compared with 40,486 units a year earlier, the Mumbai- based company said in an e-mailed statement on May 2.
Tata Steel Ltd. (TATA IN) slid 8.25 rupees, or 1 percent, to 789.10. India’s largest steelmaker may bid for Nacional Minerios SA, a unit of Brazil’s Cia. Siderurgica Nacional SA, the Business Standard reported without saying where it got the information.
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