The following companies had unusual price changes in India 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, fell 463.33, or 2.4 percent, to 18,534.69, its lowest close in more than a month. The BSE 200 Index retreated 2.3 percent to 2,292.08. Both retreated for the seventh straight day.
BGR Energy Systems Ltd. (BGRL) slid 2.7 percent to 520.5 rupees, the steepest decline since March 15. The maker of equipment for power, oil and petrochemical industries was cut to “neutral” from “buy” at Goldman Sachs Group Inc., which said the stock is “fairly valued.” The brokerage lowered its share- price forecast to 595 rupees from 608 rupees, analysts led by Ishan Sethi wrote in a report.
Jaiprakash Associates Ltd. (JPA) plunged 8.2 percent to 84.9 rupees, the most in almost three months. The builder of dams, roads and bridges was cut to “neutral” from “buy” at Goldman Sachs, which cited the “limited areas of potential positive surprise” given the concerns over the company’s debt levels. The brokerage kept its share-price forecast of 106 rupees, analysts led by Sethi wrote in a report.
Maharashtra Seamless Ltd. (MHS) gained 1.7 percent to 362.4 rupees, its highest level in more than a week. The steel- pipe maker’s net income rose 21 percent to 906.1 million rupees in the three months ended March 31, according to an exchange filing.
Reliance Industries Ltd. (RIL) dropped 2.2 percent to 943.9 rupees, the lowest since Feb. 18. The Indian government has asked the country’s most valued company to drill 11 wells in the year ending March 31, S.K. Srivastava, director general at the nation’s oil regulator, told reporters in New Delhi yesterday. Reliance will submit a drilling plan in two weeks, he said.
Spice Mobility Ltd. (SPCEM) increased 2.3 percent to 101.55 rupees, its steepest climb in more than a month. The handset maker will rename itself S Mobility and invest 10 billion rupees ($226 million) on research and building new products to become a mobile-internet company, the Economic Times reported, citing Chairman Bhupendra Kumar Modi.
Triveni Engineering & Industries Ltd. (TRE) tumbled a record 60 percent to 39.9 rupees. The sugar producer and mechanical equipment maker’s stock traded for the first time after unit Triveni Turbine Ltd. was spun off.
To contact the reporter on this story: Ameya Karve in Mumbai at firstname.lastname@example.org.
To contact the editor responsible for this story: Darren Boey at email@example.com.