Indian Stocks: Hero Honda, Jain, Reliance Industries, Vardhman
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices at the 3:30 p.m. close in Mumbai.
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, rose 68.40, or 0.4 percent, to 18,090.62.
Blue Dart Express Ltd. (BDE IN) gained 2 percent to 1,058.5 rupees, its highest since Jan. 7. The courier company said fourth-quarter profit rose to 240 million rupees ($5.26 million) from 211 million rupees a year earlier.
Hero Honda Motors Ltd. (HH IN) lost 5.4 percent to 1,522.8 rupees, its lowest in almost 15 months. India’s biggest motorcycle maker reported net income fell the most in more than three years, dropping 20 percent from a year earlier to 4.29 billion, lower than the 5.6 billion-rupee average of 36 analyst estimates compiled by Bloomberg.
Jain Irrigation Systems Ltd. (JI IN), the world’s second- biggest irrigation-equipment maker, jumped 9.9 percent to 172.55 rupees, the most since May 2009, after a measure of momentum slid to the lowest level in 28 months.
JSW Steel Ltd. (JSTL IN) climbed 3.4 percent to 929.95 rupees. The third-largest producer was raised to “neutral” from “underweight” by Pinakin Parekh, an analyst at JPMorgan Chase & Co.
Marico Ltd. (MRCO IN) advanced 2.2 percent to 122.4 rupees. The maker of hair-grooming products was raised to “buy” from “add” by Sanjay Manyal, an analyst at ICICI Securities Ltd.
Petron Engineering Ltd. (PTEC IN), a builder of oil refineries and chemical plants, slid 2 percent to 305 rupees, its lowest in 11 months, after posting an 8 percent drop in quarterly profit. Sales declined 20 percent.
Reliance Industries Ltd. (RIL IN) surged 2.9 percent to 921.3 rupees, the most since Dec. 10. The operator of the world’s largest oil processing complex doubled fuel exports in January to at least 1.2 million metric tons, the highest in five months, shipping data compiled by Bloomberg show.
Sterlite Industries (India) Ltd. (STLT IN) increased 2.1 percent to 168.5 rupees, the most in two weeks. The nation’s biggest copper producer was raised to “buy” from “sell” by Pradeep Mahtani and other analysts at Citigroup Inc., citing the outlook for metal prices.
Vardhman Textiles Ltd. (VTEX IN) added 3.5 percent to 289.6 rupees, the most since Dec. 13. The spinning yarn maker said third-quarter profit surged almost three-fold to 1.36 billion rupees.
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