Indian Equity Movers: Solar Cell-Makers, Adani Power, Mphasis
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 9:41 a.m. local time.
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, added 21.22 points, or 0.1 percent, to 16,306.20. The BSE200 Index added 0.1 percent to 2,025.30.
Solar cell-makers: Indosolar Ltd. (ISLR) paced gains among peers, rallying 2.7 percent to 9.40 rupees and headed for its highest close since Aug. 16. India will make it mandatory for developers to use locally made solar cells and modules if they are to qualify for government incentives in the second round of auctions for 350 megawatts of solar photo-voltaic projects, according to rules published on the website of NVVN Ltd., the agency implementing state solar projects.
Adani Power Ltd. (ADANI) dropped 1.9 percent to 87.55 rupees, set for the steepest decline in a week. The company, controlled by billionaire Gautam Adani was cut to “neutral” from “overweight” at JPMorgan by equity analyst Shilpa Krishnan with a six-month target price of 90 rupees a share.
Hexaware Technologies Ltd. (HEXW) rose 1.5 percent to 73.65 rupees after being rated new “buy” at Royal Bank of Scotland Plc by equity analyst Sandeep Shah, with a target price of 91 rupees a share.
Mphasis Ltd. (MPHL) tumbled 5.3 percent to 375.3 rupees, on course for the biggest drop since Aug. 18. The Hewlett- Packard Co. unit reported third-quarter profit fell 28 percent to 1.95 billion rupees ($42.2 million).
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