India Equity: Future Capital, Pantaloon, ITI, Reliance, Sun TV
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of 9:49 a.m. in Mumbai, unless otherwise stated.
The Bombay Stock Exchange Sensitive Index, or Sensex, rose 0.8 percent to 18,909.93, headed for the highest closing level in more than two months. The BSE 200 Index gained 0.9 percent to 2,335.42.
Future Capital Holdings Ltd. (FCHL) jumped 5.8 percent to 148.25 rupees, headed for the steepest rise since April 4. Pantaloon Retail India Ltd. (PF) , the nation’s largest retailer by market value, will sell its stake in the financial services unit, the Economic Times reported without saying where it obtained the information. Pantaloon has hired bank Morgan Stanley to find a buyer for its 54 percent stake in Future Capital, the report said. Pantaloon Retail climbed 3.1 percent to 330.55 rupees, set for the highest closing price in more than five months.
ITI Ltd. (ITI) rose 4.1 percent to 32.7 rupees, set for the highest close in more than two weeks. The state-run maker of telecommunications equipment is looking to invest more than 24 billion rupees ($540 million) to resume operations and enter new areas of business, the Press Trust of India reported, citing Chairman K.L. Dhingra.
Reliance Industries Ltd. (RIL) gained 1.5 percent to 874.55 rupees, bound for the steepest advance this month. The owner of the world’s largest refining complex sold 25,000 metric tons of gasoline to Ceylon Petroleum Corp., Sri Lanka’s state- owned oil company, said two people who participated in the tender, declining to be identified because the information is confidential.
Sun TV Network Ltd. (SUNTV) slid 4.4 percent to 342.8 rupees, set for the steepest fall in more than a month. The police arrested Hansraj Saxena, chief operating officer of the company’s unit, Chennai Police Commissioner J.K. Tripathy said in a phone interview today, without elaborating. Five calls made to Sun TV office seeking comments weren’t answered.
Tata Steel Ltd. (TATA) increased 1.4 percent to 598.35 rupees, set for the steepest gain this month. India’s biggest producer said on July 2 it has been named best bidder and promoter for the revival of Incab Industries Ltd. by the Appellate Authority for Industrial and Financial Reconstruction.
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