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Market Update

India to Sell 5% Stake in ONGC, JSW Acquires Italian Steel Maker

Author: Mukesh Buch
Last Update: 9:09 AM ET September 16 2014

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.

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.

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