Indian Equities: Ispat Industries, Milkfood, Gitanjali Gems

India’s Bombay Stock Exchange Sensitive Index, or Sensex (SENSEX), rose 177.26, or 0.9 percent, to 19,594.75 at the 3:30 p.m. close, its highest close in 2 1/2 years.

Ashok Leyland Ltd. (AL) advanced 1.8 percent to 76.05 rupees. The maker of buses and trucks won an order to supply 2,850 buses to the southern Indian state of Tamil Nadu.

Bharti Airtel Ltd. (BHARTI) added 3.3 percent to 358.85 rupees, the highest in eleven months. India’s biggest mobile-phone company announced International Business Machines (IBM US) won a 10-year contract to manage information-technology services for its operations in Africa.

Bhushan Steel Ltd. (BHUS) climbed 7 percent to 2,117.85 rupees, the highest since at least January 1994. The maker of steel products was rated “buy” in new coverage by Anuj Singla, an analyst at Deutsche Bank AG, with a share-price estimate of 2,400 rupees.

Cairn India Ltd. (CAIR) added 1.8 percent to 342.10 rupees. Indian regulatory approval for Cairn Energy Plc’s proposed sale of a stake in its local unit to Vedanta Resources Plc may take at least a month, Oil Secretary S. Sundareshan said in New Delhi.

Separately, Vedanta Resources may have to pay a higher open-offer price to Cairn India minority shareholders, the Economic Times reported, citing Omkar Goswami, an independent director on the board of Cairn India.

Elder Pharmaceuticals Ltd. (ELDP) gained 4.2 percent to 435.15 rupees, the highest since January 2008. The maker of health-care supplements offered to buy Neutrahealth Plc, a U.K. vitamin and supplement company, for 9.8 million pounds ($15.3 million), according to a stock exchange filing.

Gitanjali Gems Ltd. (GITG IN) (GITG), India’s biggest jewelry retailer, rose 6.6 percent to 219.75 rupees, the most in a month. Chairman Mehul Choksi said the company is bidding for assets of DIT Group and Valente, two Italian jewelry makers.

Ispat Industries Ltd. (NDEN IN) increased 16 percent to 23.70 rupees, the most in 16 months. The steel producer said it signed an agreement with U.K.-based Stemcor to develop a pellet plant and captive power plant in the Indian steel-maker’s project in Maharashtra.

Jaihind Projects Ltd. (JHP) surged 2.4 percent to 256.05 rupees. The construction company said it won orders worth 745.5 million rupees.

Milkfood Ltd. (MF) rose 10 percent to 215.6 rupees, the most in two months. About 4.1 percent of its equity, changed hands in a single block trade on the Bombay Stock Exchange, according to Bloomberg data. Buyers and sellers weren’t immediately known.

Seax Global Ventures Ltd. (SGV) increased 4.9 percent to 29.90 rupees. The construction company said its board will consider sub-division of shares on Sept. 20.

Shriram EPC Ltd. (SEPC) added 2.3 percent to 302.45 rupees, the highest level since its listing in February 2008. The engineering company won orders worth 10 billion rupees ($216 million), according to a statement to the Bombay Stock Exchange.

Titan Industries Ltd. (TTAN) gained 2.9 percent to 3,202.7 rupees, its highest close since at least 1991. India’s largest jewelry retailer was rated “buy” in new coverage by Sunita Sachdev, an analyst at UBS AG, with a share-price estimate of 3,700 rupees.

To contact the reporter on this story: Ruchika Tulshyan in Mumbai

To contact the editor responsible for this story: Stephen Foxwell at

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.