Indian Stocks: Blue Star, Neyveli, ONGC, Bhagyanagar and VIP

Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 9:49 a.m. local time.

India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 69.69, or 0.4 percent, to 18,614.74.

Bhagyanagar India Ltd. (BHIL IN) sank 4.6 percent to 22.8 rupees. The copper products and cable maker said net profit in the quarter to Dec. 31 declined 22 percent to 22.9 million rupees ($500,000).

Blue Star Ltd. (BLSTR IN) lost 9.4 percent to 362 rupees, set for its steepest drop since April 2009. The air-conditioner maker reported a third-quarter profit sank 47 percent from a year earlier to 224 million rupees.

Mangalore Refinery & Petrochemicals Ltd. (MRPL IN) slid 1.6 percent to 67.55 rupees, poised for its lowest close since Dec. 9, after an Iranian trade group official said the oil producing nation may halt crude shipments to India in two weeks if a gridlock over payments isn’t resolved.

Neyveli Lignite Corp. (NLC IN) dropped 5.1 percent to 110.1 rupees, on course for its lowest close since May 2009. The state-owned miner and power producer said third-quarter profit fell to 960.7 million rupees from 3.71 billion rupees a year earlier.

Oil & Natural Gas Corp. (ONGC IN) advanced 2.1 percent to 1,137.15 rupees. India’s biggest energy explorer found shale gas at a well in India’s West Bengal state, the company said in a release.

VIP Industries Ltd. (VIP IN) added 1.8 percent to 609.5 rupees. India’s largest luggage maker said third-quarter profit doubled to 300 million rupees from 148 million rupees a year earlier.

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

To contact the editor responsible for this story: Stephen Foxwell at at sfoxwell@bloomberg.net

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