India Equity: Ambuja, Bosch, Reliance Industries, Subex, Wipro
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, unless stated otherwise.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, declined 96.66, or 0.5 percent, to 19,448.69. The BSE 200 Index fell 0.4 percent to 2,402.93.
Energy companies: Oil & Natural Gas Corp. (ONGC IN), India’s largest state-owned oil explorer, and Hindustan Petroleum Corp. (HPCL IN), the third-largest state-run refiner, had their ratings raised to “buy” at Goldman Sachs Group Inc., which added the two companies to its Asia Pacific “conviction buy” list.
Oil & Natural Gas advanced 2.5 percent to 311.4 rupees, its highest close since Jan. 5. Hindustan Petroleum increased 1.1 percent to 375.1 rupees.
Ambuja Cements Ltd. (ACEM) slid 4.3 percent to 150.95 rupees, its largest fall in two months. The company, a unit of Holcim Ltd., reported a profit of 4.07 billion rupees ($92 million) in the first quarter ended March 31, compared with 4.62 billion rupees a year earlier, according to an exchange filing yesterday.
Amrutanjan Health Care Ltd. (ARJN) surged 17 percent to 754.25 rupees, its highest close in more than five months. The maker of ayurvedic and allopathic, or mainstream, products will consider a buyback proposal on May 3, according to an exchange filing yesterday.
Areva T&D India Ltd. (ATD) gained 1.4 percent to 291.2 rupees, its highest level since Feb. 15. The power transmission and distribution company won a contract worth 1.2 billion rupees from Visa Power, according to an exchange filing.
Bosch Ltd. (BOS) jumped 5 percent to a record close of 6,970.2 rupees. The Indian unit of Robert Bosch GmbH posted 35 percent growth in net income for the three months ended March 31 to 2.74 billion rupees.
GMR Infrastructure Ltd. (GMRI) , a builder of airports, roads and power plants, rose 1.2 percent to 38.85 rupees, its biggest climb in a week. India’s Supreme Court allowed Delhi International Airport Ltd. to charge a development fee, the GMR Group, one of the four partners in DIAL, said in an e-mailed statement. The court also admitted an appeal challenging a lower court order that upheld levying the fee, the statement said.
GVK Power & Infrastructure Ltd. (GVKP) declined 2.6 percent to 24.35 rupees. The company, which controls two airport operators in India, said one of its units has stopped collecting fees from passengers at Mumbai airport after a ruling by the nation’s top court yesterday.
JK Paper Ltd. (CPM) gained 2 percent to 53.9 rupees. The nation’s largest producer of branded papers plans to raise 2.5 billion rupees from a rights offer in May, the Press Trust of India reported yesterday.
Maruti Suzuki India Ltd. (MSIL) increased 1.1 percent to 1,316.8 rupees. The nation’s biggest carmaker will reduce its dependence on Japan for auto parts by sourcing components from Thailand and Germany among other countries, the Business Standard reported, citing Sudam Maitra, managing executive officer of supply chain. The move could reduce the cost of production by 5 to 10 percent, the report said.
Reliance Industries Ltd. (RIL) fell 1.5 percent to 986.1 rupees, its lowest closing price since March 10. India’s biggest listed firm by market value was cut to “neutral” from “buy” by Goldman Sachs Group Inc., which said prospects for any “medium-term earnings surprise” may be limited.
Subex Ltd. (SUBX) tumbled 8.4 percent to 69.35 rupees, its largest fall since Feb. 9. The software developer’s net income for the year ended March 31 fell 20 percent to 787.8 million rupees, according to an exchange filing.
Wipro Ltd. (WPRO) dropped 2.9 percent to 451.1 rupees, its lowest closing level in more than a week, after India’s third-biggest software exporter company forecast sales at its information-technology unit would remain little changed in the three months ending June 30.
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