Indian Equity Movers: Bharti Airtel, DLF, Gati, Tata Metaliks
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 Sensitive Index, or Sensex, dropped 1 percent to 17,940.55. The BSE200 Index decreased 0.8 percent to 2,225.35.
Bharti Airtel Ltd. (BHARTI) fell for a second day, losing 1.4 percent to 426.25 rupees. The largest wireless operator reported first-quarter profit that missed analysts’ estimates as costs related to the purchase of airwaves for third-generation phone services eroded earnings.
DLF Ltd. (DLFU) dropped 2.5 percent to 222.05 rupees, the lowest price since July 12. The biggest developer reported first-quarter profit that fell 13 percent from a year earlier to 3.58 billion rupees ($81 million) as construction costs rose. That’s lower than the 3.95-billion rupee average of 19 estimates compiled by Bloomberg.
Gati Ltd. (GTIC) climbed 4.5 percent to 70.45 rupees, the most in three weeks. Private equity firm Apollo Global Management is in talks with the Indian surface cargo services provider for $100 million investment, the Times of India reported, without saying where it got the information.
MMTC Ltd. (MMTC) retreated 1.8 percent to 861.95 rupees, its lowest price since May 15, 2009. The nation’s biggest state- run trading company said profit in the three months ended June 30 fell to 64.7 million rupees from 552.3 million rupees a year earlier.
Power Grid Corporation of India Ltd. (PWGR IN) declined 3.1 percent to 106 rupees, the most in nine months. The nation’s biggest transmission company said profit for the three months ended June was little changed at 7.05 billion rupees from 7.03 billion rupees a year earlier, missing the average analyst estimate of 7.11 billion rupees.
Tata Metaliks Ltd. (TML) slid 3.1 percent to 88.6 rupees, its lowest price since Sept. 2, 2009. The pig iron manufacturer will shut its plant at Redi, near Goa, within a week, the Economic Times reported, citing Managing Director Harsh Jha, as the company is facing a shortage of iron ore supply from the Bellary district of Karnataka after the Supreme Court ordered mining to be stopped there.
Vardhman Textiles Ltd. (VTEX) fell 2.9 percent to 202.1 rupees, its lowest since Dec. 8, 2009. The spinning yarn maker had about 3 percent of equity, or 1.88 million shares traded in Mumbai, according to Bloomberg data. The buyers and sellers weren’t immediately known.
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