India's JSW Holdings rises on reports of stake interest in MG Motor India, BYD India

JSW Holdings

25/04/2023 13:47

(Adds response from MG Motor)
    ** Shares of JSW Holdings Ltd  JNSW.NS  surge as much as 20%
to a 19-month high of 4,750.55 rupees
    ** Shares ended up 13.1%, snapping three straight sessions
of losses
    ** Sharp uptick in the stock of non-banking financial
company that forms the investment arm of the JSW Group comes on
reports that the conglomerate is in talks with MG Motor India
and BYD India to pick up stake in the companies
    ** MG Motor is owned by China's largest car company,
Shanghai Automotive
    ** JSW Group eyes 15%-20% stake in MG Motor for 20 bln
rupees ($244.13 mln) to 30 bln rupees, according to reports,
citing sources close to the discussions
    ** "We do not comment on speculation," MG Motor India said,
while JSW Group and BYD India did not immediately respond to
Reuters' request for comment
    ** Trading volume on JNSW surged to 24,364 shares, nearly 40
times the 30-day avg of 613 shares - Refinitiv data


     ($1 = 81.9230 Indian rupees)
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))