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.
The BSE India Sensitive Index advanced 0.7 percent to 16,982.32. The BSE200 Index rose 0.8 percent to 2,103.88.
Sugar producers: Shree Renuka Sugars Ltd. (SHRS) rallied 4.4 percent to 61.70 rupees, on course for the highest close since Aug. 12, and Dhampur Sugar Mills Ltd. (DSM) gained 2.7 percent to 47 rupees. Sugar companies may benefit as production in Brazil, the world’s largest grower, will recover only from 2013 after a combination of drought and frost hampered replanting this year, according to industry consultant Datagro Ltd.
Separately, Shree Renuka Sugars is in talks with several private-equity companies and strategic investors to sell a 25 percent stake in Renuka Brasil Holdings, The Economic Times reported, citing a person it didn’t identify.
Cairn India Ltd. (CAIR) climbed 2.7 percent to 281.25 rupees, headed for the biggest gain in a week. The oil and gas company forecast peak production of 300,000 barrels per day from its Rajasthan oil block, 25 percent more than a previous projection, Press Trust of India reported.
Indo Count Industries Ltd. (ICNT) jumped 14 percent to 10.65 rupees, on course for the steepest gain since June 2010. The cotton-fabric maker said it had lifted a lock-out at its factory in Kolhapur and restarted production from Sept. 2.
Jaiprakash Associates Ltd. (JPA) , a builder of dams, surged 4.3 percent to 69.15 rupees, poised for the highest close since July 28. The company is looking for a strategic partner for its cement business and is open to diluting up to a 26 percent stake in the unit, Business Standard reported, citing people it didn’t identify.
Pipavav Shipyard Ltd. (PIPV) advanced 2.6 percent to 79.20 rupees, set for its highest close since June 14. The shipbuilder allotted 10.5 million convertible warrants at 78 rupees each to investors including billionaire Rakesh Jhunjhunwala, according to a statement on the BSE India yesterday.
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