India's IL&FS group stocks jump after govt takes control of group

IL&FS Investment Managers

03/10/2018 06:06

** Shares of IL&FS Transportation Networks Ltd  ILFT.NS ,
IL&FS Engineering and Construction Co Ltd  ILFE.NS  and IL&FS
Investment Managers Ltd  ILFS.NS  jump between 10 pct and 19.96
pct
    ** India govt took control of the troubled Infrastructure
Leasing and Financial Services (IL&FS) and said the move was to
protect the country's financial system and markets from
potential collapse  urn:newsml:reuters.com:*:nL4N1WH20Z
    ** Govt said it is fully committed to ensure needed
liquidity for IL&FS is arranged from financial system and there
would be no more defaults  urn:newsml:reuters.com:*:nI8N1V401Q
    ** New board of directors took charge https://reut.rs/2NhkG3a
 of IL&FS and earlier board ceased to exist
    ** ILFT and ILFE were locked in upper trading circuit on NSE
    ** More than 3.7 mln ILFT shares traded compared with 30-day
avg of 982,483 shares 
    ** Shares of IL&FS Investment Managers record biggest
intraday pct gain since Aug 2
    ** Up to Monday's close, ILFT down 68 pct this year, ILFE
fell 70.8 pct and IL&FS Investment Managers was down 72.9 pct

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