Indian Equities: Rice Exporters, Exide, Hotel Leela, Tata Power
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, declined 0.4 percent to 17,059.40. The BSE 200 Index fell 0.4 percent to 2,124.91.
Rice Exporters’: Kohinoor Foods Ltd. (KFL) led Indian rice shippers higher after the parliamentary panel recommended ending a ban on exports of wheat and high-grade non-basmati rice, according to a report tabled in both houses today.
Emami Ltd. (HMN) , a maker of cosmetics, rose 3.8 percent to 499.4 rupees, its highest in two weeks. An Indian consortium headed by Emami founder R.S. Agarwal plans to invest $400 million in a residential and shopping mall project in Sri Lanka’s capital Colombo, Urban Development Authority Chairman Janaka Kurukulasuriya said.
Exide Industries Ltd. (EXID) climbed 3.9 percent to 159.25 rupees, the most since Apr. 28. The battery maker posted had about 2.1 million shares, or 0.2 percent of equity traded in Mumbai, according to Bloomberg data. The buyers and sellers weren’t immediately known.
Hotel Leela Venture Ltd. (LELA) sank 6 percent to 43.05 rupees, the most in eight months. The owner of an Indian luxury hotel chain plans to sell its property in Kovalam, Kerala for 5 billion rupees to cut debt, the Economic Times reported, citing Chairman CP Krishnan Nair.
Indian Bank (INBK) declined 1.8 percent to 215.55 rupees. The state-owned lender will delay selling $500 million of bonds “until the pricing is attractive,” Executive Director V. Rama Gopal said yesterday.
Kingfisher Airlines Ltd. (KAIR) tumbled 5.6 percent to 30.1 rupees, its lowest since March 16, 2009. The company reported a first-quarter loss of 2.64 billion rupees ($58 million), compared with 1.87 billion rupees a year earlier, according to a stock-exchange filing yesterday.
Piramal Healthcare Ltd. (PIHC) , an Indian drugmaker, added 1.2 percent to 375.05 rupees after agreeing to buy a 5.5 percent stake in Vodafone Group Plc’s Indian unit, Vodafone Essar Ltd., for about $640 million in cash before a potential initial public offering of the business.
Tata Power Co. (TPWR IN) lost 4.4 percent to 1,124.55 rupees, its lowest since July 22, 2009. India’s largest non- state electricity utility said first-quarter profit increased 34 percent to 4.18 billion rupees, missing the median analyst estimate of 5.29 billion rupees.
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