India's IL&FS group stocks gain as govt moves to take parent's control

IL&FS Investment Managers

01/10/2018 09:21

(Updates stock movement, adds IL&FS Investment Managers shares)
    ** Shares of IL&FS Engineering and Construction Co  ILFE.NS 
surge as much as 19.9 pct, while those of IL&FS Transportation
Networks Ltd  ILFT.NS  jumped 19.5 pct 
    ** India's govt moves to take control of parent co
Infrastructure Financing and Leasing Services Ltd (IL&FS), and
may also look to oust the management, two television channels
report  urn:newsml:reuters.com:*:nL4N1WH20Z 
    ** On Sunday, IL&FS said its shareholders approved issue of
NCDs worth 150 bln rupees and increase in its borrowing limit
 urn:newsml:reuters.com:*:nL4N1WG0DV
    ** IL&FS said on Saturday it will develop a "comprehensive"
restructuring plan to pay its liabilities  urn:newsml:reuters.com:*:nL4N1WF06Y
    ** Shares of group's PE fund management unit IL&FS
Investment Managers Ltd  ILFS.NS  rise as much as 9.7 pct to
8.50 rupees, with about 3 mln shares changing hands vs 30-day
avg vol of 1.3 mln shares
    ** A series of defaults at IL&FS, have roiled India's
financial markets over the past month and sparked fears of a
crisis in the non-banking financial services sector
    ** More than 1 mln ILFE shares traded, vs 30-day avg of
around 264,300, and more than 2.6 mln shares of ILFT changed
hands vs 30-day avg of 830,780 shares
    ** ILFE and ILFS stock down about 75 pct this year as of
last close, while that of ILFT tanked 73.1 pct during the period


 ((arnab.paul@thomsonreuters.com@reuters.net))