* BSE ends up 0.16 pct; NSE adds 0.17 pct
* Jet Airways, SpiceJet shares rally on stake sale talks
* M&M shares fall on reports of Aston Martin bid
By Manoj Dharra
MUMBAI, Nov 26 India's main indexes ended higher
on Monday, led by gains in export-driven technology shares such
as Infosys due to rupee's weakness versus dollar, while reports
of a stake sale to Etihad Airways buoyed Jet Airways stocks.
However, the market is still cautious and focusing on the
outcome of Greek aid negotiations as euro zone finance ministers
and the International Monetary Fund will meet later to try to
unfreeze the second bailout package for Greece.
Analyst are hoping the government will be able to manage
some reforms as there no choice left given the current account
deficit, given both the houses of the parliament were adjourned
on the third day of winter session.
"There are strong expectations from the winter session. At
least FDI in multi brand should go through otherwise market will
remain stagnant till next RBI meeting," said G. Chokkalingam,
executive director & chief investment officer, Centrum Wealth
The benchmark BSE index ended up 0.16 percent, or
30.44 points, to end at 18,537.01.
The 50-share NSE index also rose 0.17 percent, or
9.30 points, to 5635.90.
Struggling Indian carriers Jet Airways and SpiceJet
are in talks with Abu Dhabi's Etihad Airways and
Malaysia's AirAsia Bhd to sell minority stakes, a
senior government official with direct knowledge of the talks
Jet Airways shares rose 10.9 percent while SpiceJet ended 13
GlaxoSmithKline Consumer Healthcare Ltd rose to
its maximum daily limit of 20 percent, after GlaxoSmithKline Plc
said it plans to buy up to an additional 31.8 percent
stake in its arm for about $940 million.
Export-driven technology shares rose following weakness in
the rupee. Infosys rose 1.7 percent, while Tata
Consultancy Services ended up 0.4 percent.
Shares in United Spirits gained 3.2 percent after
Nomura upgraded the stock to 'buy' from 'neutral' and raised its
target price to 2,200 rupees from 675 rupees, advocating a
structural re-rating after a deal with Diageo Plc.
However, among stocks that fell, shares in state-run
Hindustan Copper Ltd ended 20 percent lower, to their
maximum daily limit for a second day after government's stake
The government raised 8.1 billion rupees ($147 million) by
selling shares of Hindustan Copper on Friday, kick-starting a
stalled divestment programme that is crucial to reining in a
ballooning fiscal deficit.
Shares in Mahindra & Mahindra fell 3.3 percent
after reports that the automaker entered into a takeover deal
with an Italian private equity fund for 50 percent of British
luxury car maker Aston Martin.
Brokerage Edelweiss said in a note Aston Martin would
require significant investments in research and development, and
benefits of technology transfer to the Indian tractor and
utility vehicle maker's product portfolio was "questionable"
given little similarity between portfolios.
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FACTORS TO WATCH
* Euro drops from 7-mth high vs yen, Greece deal eyed
* Oil around $111 on Greek deal hopes, Egypt clashes
* European shares dip, euro steady as eyes on Greece
* Foreign institutional investor flows
* For closing rates of Indian ADRs
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia........ Japan....... S.Korea...
S.E. Asia....... Hong Kong... Taiwan....
Australia/NZ.... India....... China.....
Wall Street .... Gold ....... Currency..
Eurostocks..... Oil ........ JP bonds...
ADR Report ..... LME metals. US bonds..
Stocks News US.. Stocks News Europe
DIARIES & DATA:
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(Additional reporting by Abhishek Vishnoi; Editing by Anand