India Equity Movers: Hinduja Foundries, MOIL, National Aluminium
Stock Chart for MOIL Ltd (MOIL)
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of 10:13 a.m. in Mumbai.
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 159.3, or 0.9 percent, to 18,166.79. The BSE 200 Index also declined 0.9 percent to 2,240.97.
Hinduja Foundries Ltd. (ENOR) increased 1.8 percent to 87.45 rupees, headed for the highest close in a week. The company plans to acquire a manufacturing plant in Europe, Managing Director B. Swaminathan told reporters in Chennai on May 20. It expects to spend 700 million rupees on capital expenditure in the year that began April 1, he said.
MOIL Ltd. (MOIL) advanced 1.5 percent to 363.3 rupees, poised for its first gain in six days. India’s largest manganese producer is looking to buy manganese ore assets in South Africa, Turkey, Congo and the Middle East, Press Trust of India reported, citing Chairman K.J. Singh. The state-run company is also looking to revive the Kisenge manganese mines owned by the government of Congo, according to the report.
National Aluminium Co. (NACL IN) dropped 1.7 percent to 86.55 rupees, set for its lowest closing price in almost six months. India’s second-largest aluminum producer cut prices by 4,500 rupees a ton, Reuters reported, citing an unnamed company official.
Shriram Transport Finance Co. (SHTF IN) added 1.4 percent to 695.7 rupees, headed for its highest close in almost three weeks. Orix Corp., a Japanese financial services company, is in talks with TPG Capital to buy the later’s 20 percent stake in Shriram Transport, VCCircle.com reported Monday, without saying where it obtained the information.
“TPG has the right to take its decision regarding its stake in Shriram Transport,” Sanjay Mundra, spokesman at Shriram Transport said on the phone today. “We don’t comment on their decisions.”
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