The Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 0.7 percent to 17,308.94 as of 10:20 a.m. local time. The S&P CNX Nifty Index on the National Stock Exchange slid 0.7 percent to 5,122.25.
IL&FS Investsmart Ltd. (ILFI IN) slid 1.1 percent to 196.10. HSBC Holdings Plc plans to buy 73.2 percent of IL&FS Investsmart, an Indian brokerage, for 10.03 billion rupees ($235 million). HSBC will acquire 43.85 percent from a Mauritius-based unit of E*Trade Financial Corp. and the rest from the Indian brokerage’s founder, Infrastructure Leasing & Financial Services Ltd., for 200 rupees a share, HSBC said in a statement e-mailed from Hong Kong on May 17. HSBC will also make an offer to buy an additional 20 percent from other shareholders.
Lanco Infratech Ltd. (LANCI IN) added 0.8 percent to 533.05. The Indian builder of roads and ports is seeking to raise about $200 million from overseas private-equity funds for its real estate business, the Press Trust of India reported, citing Managing Director G. Venkatesh Babu.
Maruti Suzuki India Ltd. (MSIL IN) gained 1.1 percent to 830.50. The maker of half the cars sold in the country increased prices of its cars by as much as 18,000 rupees because of higher raw material costs, the Times of India reported, without saying where it obtained the information.
Reliance Industries Ltd. (RIL IN) slid 0.5 percent to 2,623.95. India’s largest company by market value has formed a $1 billion joint venture with New York-based Vornado Realty Trust to set up a real estate fund, the Economic Times reported yesterday, without saying where it obtained the information.
State Bank of India (SBIN IN) fell 1.4 percent to 1,683.20. The nation’s biggest bank by assets has halted advances for buying farm equipment to prevent an increase in bad loans, the Times of India reported, citing a bank circular.
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