India Equity Movers: Jain Irrigation, Maruti, McLeod, Reliance
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. in Mumbai.
The Bombay Stock Exchange Sensitive Index, or Sensex, gained 176.86, or 1 percent, to 17,727.49, the steepest advance this month. The BSE 200 Index increased 0.6 percent to 2,191.5.
Sugar Companies: Balrampur Chini Mills Ltd. (BRCM) , the nation’s second-biggest sugar producer, rose 2.2 percent to 57.7 rupees, the first advance in four days, after the government said it may consider more exports of the sweetener. Shree Renuka Sugars Ltd. (SHRS) , the biggest refiner, gained 0.8 percent to 58 rupees.
Jain Irrigation Systems Ltd. (JI) surged 7 percent to 157.5 rupees, the steepest since Feb. 10. The stock was upgraded to “buy” from “outperform” today by Somshankar Sinha, an analyst at CLSA Asia Pacific Markets in Mumbai, citing “rebound” in the company’s cash flows. The brokerage cut the 12-month price estimate to 225 rupees from 250 earlier. It was the best performer on the BSE200 and the BSE Mid-Cap indexes.
Maruti Suzuki India Ltd. (MSIL) , the nation’s biggest carmaker, declined 2.1 percent to 1,099.3 rupees, the lowest closing price in more than 23 months. Suzuki Motor Corp., the Japanese parent, expects its India unit to report a decline in profit, President Osamu Suzuki said today in Tokyo. A strike at Maruti that ended last week was “illegal,” he said.
McLeod Russel India Ltd. (MCLR) , the world’s biggest tea grower, climbed 3.2 percent to 259.05 rupees, the biggest gain since May 27. Tea exports from India may climb 11 percent as output rebounds and supplies from Africa drop due to dry weather, Managing Director Aditya Khaitan said in an interview.
NMDC Ltd. (NMDC) dropped 2.3 percent to 251.7 rupees, snapping a two-day gain. A joint venture between India’s largest iron-ore producer and ArcelorMittal, the world’s largest steelmaker, to develop iron-ore mines in Senegal is “under hibernation,” Press Trust of India reported, citing NMDC Chairman and Managing Director Rana Som.
Reliance Industries Ltd. (RIL) rose 2.9 percent to 870.5 rupees, the steepest since May 26. India’s biggest company by market value gained as investors considered a 9 percent slide in the shares this month to be excessive.
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