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Market Update

India Movers: Bharti Infratel, Crompton Greaves, JK Tyre, L&T, PNB

Author: Mukesh Buch
Last Update: 10:54 AM ET September 22 2014

6:00 PM Mumbai – Bharti Infratel dropped on report that KKR & Co will divest its entire stake. Crompton Greaves selected by the electric utility company to manufacture smart meters. JK Tyre is expected to approve a stock-split. L&T won new orders worth Rs 1,577 crore.

The Sensex Index gained 116.32 or 0.4% to close at 27,206.74 The CNX Nifty increased 24.85 to 8,146.30.

Gainers & Losers

Bharti Infratel Ltd declined 5.6% to Rs 292.55 on reports that the U.S. based private equity fund Kohlberg Kravis Roberts and Co. will divest its entire stake in the company.

Separately, today the company and Indus Towers Limited signed 42% partnership agreement for tower infrastructure sharing with Reliance Jio Infocomm Limited.

Crompton Greaves Ltd gained 0.9% to Rs 213.55 after the company was selected by France-based eRDF-Électricité Réseau Distribution to manufacture the three million of its new generation Linky smart meters.

JK Tyre & Industries Ltd rose 0.9% to Rs 504.30 after the company said it board will consider sub-division of equity shares of the company of face value of Rs 10 each into a lower denomination.

The company said its board will meet on September 25 to consider a stock split.

Larsen & Toubro Limited slid 0.1% to Rs 1,533.80 after the contractor company won new orders worth Rs 1,577 crore in September in various business units.

Punjab National Bank increased 1.3% to Rs 989.45 after its board approved a five-for-one stock-split.

Tara Jewels Ltd surged 9.9% to Rs 108.45 after the company''s subsidiary signed an agreement with the U.S.-based Zac Posen, Inc to make handcrafted fine jewelry.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc