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Indian Equity Movers: Punjab Alkalies, Tanla, Tata Steel, Zenith

Shares of the following companies had unusual moves Indian trading. Stock symbols are in parentheses and share prices are as of the 3:30 p.m. close in Mumbai.

The Bombay Stock Exchange Sensitive Index, or Sensex, advanced 27.1 points, or 0.2 percent, to 18,300.90, the highest level since Feb. 3.

Hexaware Technologies Ltd. (HEXW IN) gained 2.9 percent to 110.5 rupees, its highest close since Jan. 31. The software developer backed by private equity firm General Atlantic LLC posted a 10 percent increase in net income to 396 million rupees ($8.7 million) for the fourth quarter ended Dec. 31.

Neyveli Lignite Corp. (NLC IN) added 2.1 percent to 105.25 rupees, its highest level since Feb. 3. The state-owned miner and electricity producer plans to spend 400 billion rupees to add 7,000 megawatts of generating capacity by the financial year ending March 31, 2016, Chairman A.R. Ansari said.

Punjab Alkalies & Chemicals Ltd. (PJAC IN), a state government-owned chemicals maker, climbed 4.4 percent to 46.05 rupees, the most in three weeks. Grasim Industries Ltd., part of the Aditya Birla Group, may buy Punjab State Industrial Development Corp.’s 44.26 percent stake in Punjab Alkalies for as much as 2.5 billion rupees, Bloomberg UTV television channel reported today, without saying where it got the information.

Sanghvi Movers Ltd. (SGM IN) rose 3.8 percent to 146.5 rupees, its highest close in more than two weeks. The crane hirer got orders valued at 160 million rupees from Reliance Infrastructure Ltd., according to its statement to the stock exchange.

Tanla Solutions Ltd. (TANS IN), a maker of telecommunications software, surged 20 percent to 20.55 rupees, the most in more than four years as almost 4 percent of its equity changed hands. Chairman D. Udaykumar Reddy couldn’t immediately be contacted on his office telephone for comment.

Tata Steel Ltd. (TATA IN) jumped 4 percent to 641.05 rupees, the best close since Jan. 27. India’s biggest producer of the alloy reported third-quarter group profit more than doubled because of rising demand from carmakers.

Triveni Engineering & Industries Ltd. (TRE IN) increased 2.4 percent to 82.85 rupees. The sugar producer and mechanical equipment maker was rated “buy” in initial coverage by Ajay Nandanwar, an analyst at UBS AG, who cited the view in a note to investors that its engineering business may increase market share.

United Bank of India (UNTDB IN) added 1.4 percent to 96.6 rupees, its highest close in more than a month. The government plans to buy 3.08 billion rupees worth of preferential shares in the state-run lender, according to a statement today on the Bombay Stock Exchange.

Zenith Infotech Ltd. (ZNI IN) jumped 4.9 percent to 170 rupees, the most in three weeks. The software developer for banks and finance companies posted a profit of 7.4 million rupees in its third quarter ended Dec. 31, from a loss of 376.3 million rupees a year earlier.

To contact the reporter on this story: Ameya Karve in Mumbai at akarve@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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