July 4, 2018 / 11:23 AM / 3 months ago

UPDATE 1-Indian shares mark highest close in nearly two weeks

* NSE index ended 0.65 pct higher, BSE closed up 0.75 pct

* Both indexes hit highest close since June 22 (Adds details on Shriram Transport Finance)

July 4 (Reuters) - Indian shares ended at their highest in nearly two weeks on Wednesday, after the government’s decision to raise the price at which it will buy new-season common rice variety from domestic farmers boosted sentiment.

India has raised the price at which the government will buy new-season common rice variety from domestic farmers by 13 percent, a minister said on Wednesday, as the state looks to woo millions of farmers ahead of general elections due early next year.

The benchmark BSE index closed 0.75 percent higher at 35,645.40. The broader NSE index ended 0.65 percent higher at 10,769.90.

Both indexes ended at their highest closing levels since June 22.

Shares of Shriram Transport Finance Co Ltd ended nearly 12 percent lower at 1,145.25 rupees, at their lowest close since October 2017. The company has an outstanding corporate guarantee of 8.7 billion rupees ($126.55 million) to SVL Ltd, whose subsidiary - Shriram EPC - has been referred to the bankruptcy court making the chances of the guarantee becoming a liability, analysts said.

For midday report, click

$1 = 68.7500 Indian rupees Reporting by Tanvi Mehta and Promit Mukherjee, Editing by Sherry Jacob-Phillips

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