India Equity Movers: Crompton, GVK Power, Phoenix Mills, Ranbaxy
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of 10:27 a.m. in Mumbai, unless stated otherwise.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 58.69, or 0.3 percent, to 19,233.33. The BSE 200 Index retreated 0.2 percent to 2,377.46.
Bank of Baroda (BOB) fell 1.3 percent to 929.85 rupees, poised for its lowest closing price in more than a month. The lender was cut to “neutral” from “overweight” by Adarsh Parasrampuria, an analyst at JPMorgan Chase & Co. (JPM), with a 12- month estimate of 1,000 rupees per share.
Crompton Greaves Ltd. (CRG) slumped 11 percent to 249 rupees, the steepest intraday fall in more than three months. The electrical equipment maker’s net income for the three months ended March 31 fell 18 percent to 2.51 billion rupees, according to an exchange filing.
GVK Power & Infrastructure Ltd. (GVKP) advanced 2.1 percent to 24.65 rupees. The infrastructure company is the preferred bidder for the assets of Gina Rinehart’s Hancock Coal in Queensland state’s Galilee Basin, the Australian Financial Review reported in its Street Talk column, without saying where it go the information. GVK, with a market value of A$1 billion, faces costs of about A$2 billion to buy the assets and as much as A$8 billion to develop infrastructure, according to the report.
GVK spokesman Manish Kalghatgi couldn’t be reached for a comment on the report.
Manappuram General Finance & Leasing Ltd. (MGFL) rose 4.1 percent to 137 rupees, set for its lowest closing price since Jan. 24. The provider of loans against gold said profit for the year ended March 31 more than doubled to 2.83 billion rupees and it will give one free share for each held, according to an exchange filing.
Phoenix Mills Ltd. (PHNX) , an Indian real estate developer, surged 5.1 percent to 210.25 rupees, headed for its highest closing level in more than three months. The company’s fourth-quarter net income rose 61 percent to 272 million rupees, according to a statement on the Bombay Stock Exchange.
Ranbaxy Laboratories Ltd. (RBXY) added 1.8 percent to 461.7 rupees. The biggest Indian drugmaker by revenue and the U.S. Food and Drug Administration urged a federal judge to dismiss a lawsuit filed by Mylan Inc. that challenges whether only the local company can begin selling copies of the cholesterol pill Lipitor later this year.
-- Editor: Ravil Shirodkar
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