Indian Equity Movers: Bhartiya Global, Idea, Tata Metaliks
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 9:40 a.m. local time.
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, declined 0.7 percent to 18,295.66. The BSE200 Index lost 0.7 percent to 2,276.09.
Asian Paints Ltd. (APNT) retreated 1 percent to 3,111.25 rupees, set for the biggest decline since July 12. The Indian producer of decorative paints and varnishes was cut to “reduce” from “accumulate” at Elara Securities India Pvt. by equity analyst Anand Shah. The 12-month price estimate is 3,164 rupees per share.
Bharatiya Global Infomedia Ltd. (BGIL IN) tumbled 23 percent to 63.20 rupees in its Mumbai trading debut after getting orders for 2.1 times the shares in an initial public offering earlier this month.
The company, based in Noida near New Delhi, raised 551 million rupees ($12.5 million) selling 6.72 million shares at 82 rupees each.
Idea Cellular Ltd. (IDEA) dropped 1.7 percent to 90.05 rupees, headed for the lowest close in a week. About 83.5 million shares, or 2.5 percent of the telecom operator’s equity, was traded in a single block today.
Separately, the company increased its tariff on some plans by up to 20 percent, the Press Trust of India reported, without saying where it got the information.
Steel Authority of India Ltd. (SAIL) , India’s second- biggest producer, lost 1.3 percent to 129.45 rupees. The company scrapped a $1.2 billion plan to build its first natural gas- fired factory with Japan’s Kobe Steel Ltd., anticipating a shortage of the fuel, the country’ steel secretary P.K. Misra said.
Tata Metaliks Ltd. (TML) , a maker of pig iron, plunged 4.2 percent to 95.7 rupees, poised for the steepest drop since Feb. 1. The company reported a first-quarter loss of 354.4 million rupees, compared with a 53.7 million-rupee profit a year earlier, according to a statement on BSE Ltd.
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