India Equity: Airlines, State Refiners, Sugar Companies, Coal

The following companies had unusual price changes in India trading. Stock symbols are in parentheses and prices are as of the 3:30 p.m. close in Mumbai.

The Bombay Stock Exchange Sensitive Index, or Sensex, rose 513.19, or 2.9 percent, to 18,240.68, the steepest gain since March 1. The BSE 200 Index added 2.7 percent to 2,249.48.

Airline Stocks: Jet Airways (India) Ltd. (JETIN IN), the nation’s largest carrier, surged 14 percent to 469.15 rupees, the biggest gain since March 2010, following a tumble in crude prices. Kingfisher Airlines Ltd. (KAIR) , the second-biggest jumped 8.5 percent to 38.9 rupees, and SpiceJet Ltd. (SJET) , the nation’s only listed low-cost carrier, soared by its daily 20 percent limit to 32.6 rupees, the steepest advance since July 2008.

State Refiners: Indian Oil Corp. (IOCL IN), the biggest, rose 2.5 percent to 336.9 rupees as the government may raise fuel prices when a group of ministers meets today, an oil ministry official said. Bharat Petroleum Corp. (BPCL IN), the second-biggest, climbed 2.8 percent to 634.7 rupees and Hindustan Petroleum Corp. (HPCL IN) jumped 6.1 percent to 392.6 rupees. All three had the highest closing price in more than a month.

Sugar Companies: Bajaj Hindusthan Ltd. (BJH) , the country’s biggest sugar producer, rose 2.8 percent to 65.3 rupees, the steepest advance since May 27 after the government allowed additional exports. Mills and traders have been permitted to ship 500,000 metric tons, Rural Development Minister Vilasrao Deshmukh said yesterday after markets closed.

Balrampur Chini Mills Ltd. (BRCM) , the second-biggest producer, climbed 3.4 percent to 59.65 rupees and Shree Renuka Sugars Ltd. (SHRS) , the biggest refiner, gained 4.2 percent to 60.45 rupees.

Coal India Ltd. (COAL) , the world’s biggest producer, added 3.7 percent to 390 rupees, the steepest rise in more than six weeks. The company has sought the government’s approval to buy stakes in “unlisted units of overseas-listed companies,” Chairman N.C. Jha said in New Delhi yesterday after the markets closed.

Jaiprakash Power Ventures Ltd. (JPVL) increased 2.4 percent to 44.65 rupees after the power generator was rated “underperform” in new coverage at First Global Securities Ltd.

LIC Housing Finance Ltd. (LICHF) increased 2.6 percent to 227.6 rupees, the biggest gain since May 30. The home-loan arm of India’s largest insurer was rated new “underperform” at Macquarie Research by equity analyst Mudit Painuly.

Max India Ltd. (MAX) gained 1.2 percent to 178.6 rupees, the highest closing price in more than a week. Five million shares, or 2.2 percent of the hospital chain operator’s equity, changed hands on the National Stock Exchange in a single trade at an average price of 180 rupees, according to data compiled by Bloomberg. Buyers and sellers weren’t immediately known.

Ranbaxy Laboratories Ltd. (RBXY) jumped 4.6 percent to 535.35 rupees, the steepest advance since May 30. The U.S. Food and Drug Administration has started inspecting a new manufacturing facility of India’s biggest drugmaker at Mohali in Punjab, the Economic Times reported, citing two unidentified persons. If the inspection is successful, it could pave the way for Ranbaxy to start supplying drugs to the U.S. market almost three years after they were halted from its two main plants, the report said.

To contact the reporters on this story: Ameya Karve in Mumbai at;

To contact the editor responsible for this story: Darren Boey at

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