India will set up a fund manager by January 15 that will pledge stocks it holds in non-state companies including ITC Ltd, Axis Bank Ltd and Larsen & Toubro Ltd, two government officials with direct knowledge of the matter said.
The company will use the proceeds to buy the government’s stakes in state-run firms, the officials said.the BSE India Sensitive Index, or Sensex, rose 0.8% to 15,813.36 at the 3.30pm close in Mumbai. The measure had its steepest gain since August 29 on Wednesday.
The S&P CNX Nifty Index on the National Stock Exchange of India Ltd gained 0.9% to 4,733.85. The BSE 200 Index rose 1% to 1,893.46.
Finance Minister Pranab Mukherjee is exploring options to bridge a widening budget deficit after raising just 3% of its Rs400bn asset-sale target.
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