Indian Equity Movers: State-Run Refiners, Videocon Industries
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of the 3:30 p.m. close in Mumbai.
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, gained 0.9 percent to 18,412.41. The BSE200 Index added 1.1 percent to 2,274.30.
State-Owned Refiners: Indian Oil Corp. (IOCL IN) rallied 3.2 percent to 347.7 rupees, after India allowed state refiners to increase prices of diesel, kerosene and cooking gas on June 24, helping reduce their losses. Import tax of 5 percent on crude oil was removed and excise duty on diesel was lowered. Bharat Petroleum Corp. (BPCL IN) climbed 4.6 percent to 663.95 rupees, while Hindustan Petroleum Corp. (HPCL IN) jumped 5.8 percent to 415.4 rupees.
Oil & Natural Gas Corp. (ONGC IN), which partly compensates the refiners for selling fuels below cost, surged 4.2 percent to 284.2 rupees, its highest level since May 16.
Hindustan Construction Ltd. (HCC IN) advanced 1.9 percent to 30.2 rupees, its highest in a week, after saying its venture with Alstom Hydro France won an 18.4 billion rupee order.
Videocon Industries Ltd. (VCLF) increased 7.1 percent to 201.8 rupees, the most in more than six months. The Indian consumer-electronics maker may invest 150 billion rupees ($3.3 billion) in the eastern state of Orissa to set up a port, a power plant and an information technology and logistics park, the Business Standard reported June 25, citing Anirudh Dhoot, a director. Venugopal Dhoot, Videocon’s chairman and managing director, wasn’t available for a comment.
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