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The cabinet on Thursday approved state-run Andrew Yule to sell its 26 percent stake in a joint venture unit for 628.2 million rupees, a minister said.

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Andrew Yule would sell its share in Phoenix Yule Ltd, a joint venture with German firm Phoenix AG, at 49.50 rupees each, Information and Broadcasting Minister Ambika Soni told reporters.

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After the cabinet decision, Andrew Yule shares rose by its daily 10 percent to 57.35 rupees in a weak Mumbai market that was down 0.7 percent at 1.30 p.m. local time.

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