Indian Equities: Cairn India, Reliance Communications
India’s Bombay Stock Exchange Sensitive Index, or Sensex, rose 268.49, or 1.4 percent, to 19,405.10, at the 3:30 p.m. close in Mumbai. Shares of the following companies had unusual moves in Indian trading and stock symbols are in parentheses
BGR Energy Systems Ltd. (BGRL IN) surged 21 percent to 690 rupees, the most since January 2008. Edelweiss Securities Ltd., in a note issued after the Nov. 26 market close, said the shares of the maker of equipment for power, oil and petrochemical industries were trading at an “attractive valuation” and reiterated its “buy” rating after the stock sank 19 percent in two trading sessions.
Cairn India Ltd. (CAIR IN) gained 6.7 percent to 313.6 rupees, the most since June 2009. India will take a decision by February on an application from U.K. energy explorer Cairn Energy Plc to sell part of its stake in its local unit to Vedanta Resources Plc, Oil Secretary S. Sundareshan said.
GMR Infrastructure Ltd. (GMRI IN) added 5.4 percent to 46.15 rupees, the most in six months. GMR Group, controlled by billionaire G.M. Rao, said it’s selling a 50 percent stake in Massachusetts-based InterGen to China Huaneng Group for $1.23 billion.
Goenka Diamond & Jewels Ltd. (GDJ IN) lost 2 percent to 78.1 rupees. The jewelery maker had 1.9 percent of its equity change hands in four block deals in Mumbai, according to Bloomberg data. Buyers and sellers weren’t immediately known.
Halonix Ltd. (HALO IN) rose 5 percent to 118.55 rupees, the most since Nov. 2. Philips India Ltd. may buy Actis LLP’s 66 percent stake in Halonix for 3 billion rupees ($65.5 million), the Economic Times reported, without saying where it got the information. Rajesh Kochhar, managing director, Halonix, wasn’t immediately available at his office.
IRB Infrastructure Developers Ltd. (IRB IN) surged 9.8 percent to 234.6 rupees, the most since May 2009. The builder of roads and bridges was rated “buy” in new coverage by Gopal Ritolia, an analyst with IIFL Ltd.
LIC Housing Finance Ltd. (LICHF IN) gained 1.8 percent to 947.65 rupees, the most since Nov. 9. Investors in Life Insurance Corp. of India won’t lose money because of a federal probe into loans extended by the company and LIC Housing Finance, Finance Minister Pranab Mukherjee said in Kerala on Nov. 27. The stock slid 29 percent in the previous three trading days.
NTPC Ltd. (NATP IN) added 1.4 percent to 179.4 rupees, the most in a month. India’s largest power producer plans to install 105 megawatts of solar energy generation in the next two years to increase its renewable energy portfolio, Chairman and Managing Director Arup Roy Choudhury said in an interview.
Ranbaxy Laboratories Ltd. (RBXY IN) rose 3.8 percent to 566.75 rupees, the most since Nov. 1. The drugmaker got U.S. Food and Drug Administration approval to sell a generic version of Eisai Co.’s Aricept Alheimer’s treatment, PharmAsia News reported after the market closed on Nov. 26. Krishnan Ramalingam, a spokesman for Ranbaxy, declined to comment when contacted by Bloomberg News.
Reliance Communications Ltd. (RCOM IN) dropped 2.2 percent to a record low of 127.7 rupees after a three-judge bench of the Supreme Court said routing international calls at local rates is “illegal” and asked the government to calculate how much the company owes in compensation and penalty. Gaurav Wahi, a spokesman for Mumbai-based Reliance Communications, declined to comment.
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