Nov. 3 (Bloomberg) -- Mukand Ltd., an Indian maker of wire rods, steel bars and alloy castings, rose the most in almost two months in Mumbai trading after saying it plans to sell surplus land from its Kalwa unit.

The Mumbai-based company climbed 7.4 percent to 49.15 rupees as of 3:03 p.m. local time, after surging as much as 18 percent, the most since Sept. 7. The stock was today’s second- best performer in the Bombay Stock Exchange BSE500 index, which fell 2.7 percent.

Mukand’s unit in Kalwa, a district of Maharashtra state adjacent to Mumbai, plans to sell 60 acres to 100 acres of land to reduce its debt of 13 billion rupees ($276 million). “We hope to reduce debt to less than half” of its present level, Niraj Bajaj, Chairman said in a telephone interview today.

Separately, Mukand’s second quarter net income soared to 163.1 million rupees from 14.4 million rupees a year earlier, the company said in a filing on Oct. 30 after the market closed. Sales fell 11 percent.

Mukand shares have almost doubled this year, compared with a 60 percent climb in the benchmark Bombay Stock Exchange Sensitive Index.

To contact the reporter on this story: Hemal Savai in Mumbai at at hsavai@bloomberg.net.

Last Updated: November 3, 2009 04:57 EST