TTM Tata Motors Ltd

International stocks trading in New York closed mostly higher on Monday.

The BNY Mellon index of American depositary receipts improved 0.13% to 143.16. The Asian index increased 0.54% to 167.28. And the emerging-markets index rose 0.65% to 310.59.

Meanwhile the European index eased 0.02% to 132.98, and the Latin American index fell 0.48% to 240.18.

Shire PLC (SHPG, SHP.LN) was among those with ADRs that traded actively.

Baidu Inc. (BIDU, K3SD.SG) is selling its takeout delivery business to Ele.me, a rival backed by Alibaba Group Holding Ltd. (BABA), according to people familiar with the situation. The cash-and-stock deal, which is expected to be announced later this week, will help the Chinese search-engine giant stop sinking money into a costly business that hasn't paid off, according to people familiar with the sale. ADRs of Baidu rose 0.81% to $222.48. Meanwhile, Alibaba, which set a 52-week high on Monday, closed up 1% at $169.25.

ADRs of Shire set a 52-week-low Monday after the rare-disease drug developer said Chief Financial Officer Jeff Poulton has decided to leave the company at the end of the year to join a U.S. start-up firm. The pharmaceutical company added that it will initiate a formal search for a replacement. ADRs closed down 3% at $140.85.

Tata Motors Ltd. (TTM, 500570.BY) plans to spend a cumulative 40 billion rupees ($625 million), including 25 billion rupees in its passenger-vehicles business and the rest in commercial vehicles, over the next few years. The company has been reducing the number of vehicle platforms in its passenger-vehicles business to cut costs and reduce the time it takes to launch products. In the commercial-vehicles segment, Tata Motors says it wants to increase exports and expand the products it offers to the defense sector. Tata's ADRs, which also set a 52-week low on Monday, closed down roughly 1% for the day at $29.03.

(END) Dow Jones Newswires

August 21, 2017 17:37 ET (21:37 GMT)

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