Indian Equity Movers: Canara Bank, Muthoot, SKS Microfinance
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. local time close.
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, declined 0.5 percent to 18,432.25. The BSE200 Index slid 0.4 percent to 2,292.77.
Cairn India Ltd. (CAIR) , the operator of India’s biggest onshore oil deposit, dropped 1.6 percent to 317.35 rupees, the most since July 11, after rising as much as 1.7 earlier in the day. The stock was reduced to “underperform” from “neutral” at Macquarie Research by equity analyst Jal Irani, with a 12- month price estimate of 280 rupees per share, according to a report today.
Cairn India posted a 10-fold increase in first-quarter profit to 27.3 billion rupees ($619.5 million), according to an e-mailed statement yesterday after markets closed.
Canara Bank (CBK) Ltd lost 3.4 percent to 496.10 rupees, the lowest level since Aug. 12, after reporting profit fell 28 percent in the first quarter to 7.26 billion rupees, missing the 9.39-billion rupee estimate by analysts.
Hexaware Technologies Ltd. (HEXW) , a computer-services company, rallied 3.1 percent to 82.10 rupees, its highest close in more than four years. The company reported second-quarter net income of 602.4 million rupees, beating 468 million rupees estimated by analysts.
Idea Cellular Ltd. (IDEA) climbed 1.6 percent to 91.60 rupees. The telecom operator was raised to “neutral” from “underweight” at JPMorgan Chase & Co. (JPM) by analyst Malvika Gupta, with a nine-month price target of 80 rupees per share.
Muthoot Finance Ltd. (MUTH IN), a gold financing company, advanced 2.6 percent to 187.2 rupees, the highest since listing on May 6. First-quarter profit more than doubled to 1.9 billion rupees from 848 million rupees a year earlier, the company said in an exchange filing today.
SKS Microfinance Ltd. (SKSM) , India’s largest listed lender to the poor, tumbled 8.1 percent to 479.85 rupees, its lowest close in almost two weeks. SKS had a first-quarter loss of 2.18 billion rupees, compared with a 666.9 million-rupee profit a year earlier, according to a statement on BSE Ltd. The company will sell 9 billion rupees of shares to large investors, the statement added.
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