India Equities: Axis Bank, Maruti, Reliance Industries, Sterlite

The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share levels are as of the 3:30 p.m. close in Mumbai. Markets were closed on April 22 for a holiday.

The Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 17.92, or 0.1 percent, to 19,584.31. The BSE 200 Index was little changed at 2,415.04.

Axis Bank Ltd. (AXSB) slid 4.9 percent to 1,377.3 rupees, its steepest fall since Feb. 24. India’s top-ranked underwriter of debt sales was downgraded to “neutral” from “overweight” by Seshadri Sen, an analyst at JPMorgan Chase & Co., with a 12-month price estimate of 1,525 rupees per share.

Separately, the lender on April 22 reported a 34 percent increase in profit to 10.2 billion rupees ($229 million) in the fourth quarter ended March 31. It will pay a dividend of 14 rupees on every 10-rupee share, the company said.

Dhanlaxmi Bank Ltd. (DHLBK) advanced 1.1 percent to 132.35 rupees, its highest close since Dec. 8. The lender reported profit in the three months ended March 31 almost doubled to 111.5 million rupees, it said April 23.

Gujarat NRE Coke Ltd. (GNC) rose 2 percent to 57.55 rupees, its highest level since Jan. 31. Net income of India’s biggest non-state-run producer of the steel making ingredient rose 38-fold to 508.2 million rupees for the three months ended March 31, according to an exchange filing.

Indiabulls Financial Services Ltd. (IBULL) gained 1.1 percent to 182.75 rupees, its highest price since Dec. 2. The retail financial service provider’s profit in the 12 months to March 31 more than doubled to 7.51 billion rupees from 3.10 billion rupees a year ago, according to an e-mail statement. The board recommended a dividend of 5 rupees for each 2-rupee share, according to an exchange filing.

Indian Bank (INBK) added 3.2 percent to 247.05 rupees. The state-owned lender’s profit in the three months ended March 31 rose 7.3 percent to 4.39 billion rupees, it said April 23. The lender plans to raise as much as $1 billion selling medium- term notes and use the proceeds to boost loans in Sri Lanka and Singapore, Executive Director V. Rama Gopal, told reporters April 23 in Chennai, where the company is based.

Maruti Suzuki India Ltd. (MSIL) gained 1.5 percent to 1,326.45 rupees, its highest close since Jan. 7. The nation’s biggest carmaker, posted a better than expected profit in the fourth quarter as economic growth and rising incomes boosted sales.

Reliance Industries Ltd. (RIL) slid 3 percent to 1,009.35 rupees, its steepest decline in more than a month. India’s biggest company by market value, which reported its results for the fourth quarter ended March 31 on April 21, missed analysts’ earnings estimates for the fifth time in six quarters after natural gas production from the nation’s biggest deposit declined.

Also, India’s oil ministry has asked Reliance to stop sales of natural gas to non-core users to help meet demand from power and fertilizer producer, the Press Trust of India reported today, citing unidentified people.

Sterlite Industries (India) Ltd. (STLT IN) climbed 4.2 percent to 186.25 rupees, its highest level since Jan. 5. India’s largest copper producer, reported a profit of 19.3 billion rupees in the three months ended March 31, compared with 14.3 billion rupees a year earlier, according to an exchange filing. Analysts surveyed by Bloomberg had estimated profit of 14 billion rupees on average.

Subex Ltd. (SUBX) increased 1.4 percent to 78.8 rupees, after gaining as much as 4.8 percent in the day to 81.5 rupees. Accenture Plc is the leading candidate to buy a 60 percent stake in the software developer in a deal valued at between 5 billion rupees and 6 billion rupees, the Financial Express reported, citing people familiar with the matter that it didn’t name.

Subex denied the report in an exchange filing.

To contact the reporters on this story: Ameya Karve in Mumbai at

To contact the editor responsible for this story: Darren Boey at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.