India Equity Movers: Energy Stocks, Cairn, Coal India, Reliance
Stock Chart for Cairn India Ltd (CAIR)
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, gained 197.4, or 1.1 percent, to 18,044.64, the biggest advance in almost three weeks. The BSE 200 Index rose 0.9 percent to 2,230.47.
Energy Shares: Oil & Natural Gas Corp. (ONGC IN) led the rally among energy stocks after an oil ministry official said India may increase prices of diesel, kerosene and cooking oil. ONGC surged 4.6 percent to 274.45 rupees, the steepest climb in more than three weeks, on expectations higher fuel prices will lower its subsidy burden. The stock was the best performer on the Sensex. Indian Oil Corp. (IOCL IN), the nation’s biggest refiner, added 1.5 percent to 307.75 rupees.
Automotive Stampings & Assemblies Ltd. (ATSA) increased 1.1 percent to 79.1 rupees, the highest price in a week. The automobile assembly maker 75 percent held by a Tata Group company, will raise 294.6 million through a rights offering, according to an exchange filing.
Cairn India Ltd. (CAIR) advanced 1.6 percent to 343.45 rupees, the highest level in three weeks. The energy explorer that Vedanta Resources Plc plans to acquire posted a 10-fold increase in fourth-quarter profit, beating analysts’ estimates, after crude oil production and prices increased. Net income, including that of units, climbed to a record 24.6 billion rupees ($543 million) in the quarter ended March 31, from 2.45 billion rupees a year earlier, according to an exchange filing.
Coal India Ltd. (COAL) rose 3.1 percent to 388.95 rupees, the steepest gain since May 9. The world’s largest producer of the fuel posted a profit of 42.2 billion rupees and sales of 150.2 billion rupees in the three months ended March 31, Chairman N.C. Jha told reporters in Kolkata, without providing year-earlier figures.
Crompton Greaves Ltd. (CRG) added 1.3 percent to 257.3 rupees, the highest close in almost a month. The electrical- equipment maker will invest about $30 million to build a power transformer manufacturing plant in Brazil, according to an exchange filing.
Steel Authority of India Ltd. (SAIL) climbed 2.7 percent to 143.3 rupees, the biggest advance since May 14. A proposed share sale in the nation’s second-largest steelmaker is “not possible” at the current stock price, the country’s steel minister Beni Prasad Verma said in New Delhi.
Tata Steel Ltd. (TATA) gained 2.3 percent to 574.15 rupees, the highest closing level in almost a week. The country’s biggest producer of the alloy posted a 72 percent gain in fourth-quarter profit, aided by rising prices and the sale of a unit in the U.K. Net income, including that of Tata Steel Europe Ltd., rose to $937 million in the three months ended March 31, Chief Financial Officer Koushik Chatterjee said.
Reliance Industries Ltd. (RIL) jumped 3.1 percent to 933.85 rupees, the steepest advance in more than five months. The government may allow the nation’s largest company by market value to charge market prices for natural gas sold to users other than homes and fertilizer and power producers, the Economic Times reported, citing unidentified people.
Two telephone calls to Oil Minister S. Jaipal Reddy’s office outside office hours went unanswered. Manoj Warrier, a spokesman for Reliance, didn’t answer a call made to his mobile phone today.
To contact the reporters 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.
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.