India’s Bombay Stock Exchange Sensitive Index, or Sensex, rose 116.15, or 0.6 percent, to 19,521.25 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.
ABB Ltd. (ABB IN) increased 2.5 percent to 766.2 rupees as its parent announced an acquisition. ABB Ltd., the Swiss maker of factory robots and electrical equipment, agreed to buy Baldor Electric Co. for about $3.1 billion in cash to expand in the North American market for industrial motors and drives.
Bedmutha Industries Ltd. (BEDM IN), a steel wire manufacturer, gained 1.4 percent to 70.7 rupees after about 473,110 shares, or 2.2 percent of its equity, changed hands in a single block deal on the National Stock Exchange, according to Bloomberg data.
Ispat Industries Ltd. (NDEN IN) surged 2 percent to 17.95 rupees. ArcelorMittal executives visited an Ispat plant, met managers from the Indian steelmaker last week and may be exploring the possibility of acquiring a stake in the Indian company, the Economic Times reported, citing an unidentified spokesman for ArcelorMittal’s India business. ArcelorMittal spokeswoman Mandakini Sud declined to comment. Ispat Industries spokeswoman Monaesha Pinto didn’t answer calls to her mobile phone.
Rural Electrification Corp. (RECL IN) increased 9.6 percent to 349.4 rupees. The board of the state-controlled lender to power projects approved a proposal to raise as much as $500 million selling U.S. dollar-denominated bonds, the company said in a statement to the National Stock Exchange yesterday.
Videocon Industries Ltd. (VCLF IN) climbed 1.8 percent to 221.3 rupees and Unitech Ltd. (UT IN) added 3.6 percent to 63.4 rupees as shares of Indian phone carriers sank after the government said it’s informing companies that they may have suppressed facts when they won wireless permits in 2008.
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