Indian Equity Movers: Software Exporters, Electrotherm, GTL
Stock Chart for Electrotherm India Ltd (ELT)
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.
The BSE India Sensitive Index, or Sensex, rose 1.5 percent to 16,709.60. The BSE200 Index added 1.2 percent to 2,066.29.
Software Exporters: Infosys Ltd. (INFO IN), the second- largest software exporter, paced gains among peers in Mumbai on speculation the rupee’s depreciation will make code writers from the South Asian nation more competitive. Infosys jumped 5.8 percent to 2,351.65 rupees. Larger rival Tata Consultancy Services Ltd. (TCS) climbed 2.2 percent to 1,015.1 rupees while Wipro Ltd. (WPRO) , the third-largest, rallied 4 percent to 342.4 rupees.
Electrotherm India Ltd. (ELT) advanced 17 percent to 142.9 rupees, the most since May 20, 2009. France’s Saint-Gobain Group is in talks to acquire the company’s pipes division, The Economic Times reported, citing Electrotherm’s Managing Director Shailesh Bhandari.
The estimated valuation of Electrotherm’s pipe division is likely to be about 3 billion rupees ($63 million) to 3.5 billion rupees, the newspaper said, citing unidentified people aware of the talks.
GTL Ltd. (GTS) : dropped 11 percent to 61.4 rupees, the most in a month. The maker of telecommunication equipment was removed from derivatives trading from Sept. 16, according to the BSE India’s website.
Ind Swift Ltd. (INSW) increased 7.1 percent to 33.95 rupees, its highest since Apr. 25. Ranbaxy Laboratories Ltd., India’s largest drugmaker, has started discussions with the company to source the raw material to make the low-cost version of Lipitor, the world’s top-selling drug, the Economic Times reported, citing N.R. Munjal, Ind Swift’s vice-chairman. Ranbaxy lost 1 percent to 484.15 rupees.
India Cement Ltd. (ICEM IN) gained 2.4 percent to 72.8 rupees, its highest in a week after Daiwa Securities Group Inc. rated the stock new buy citing expectations demand for the building material will increase over the next two to three years.
Tata Motors Ltd. (TTMT) advanced 2.1 percent to 142.5 rupees, the most in a week. The carmaker was rated new “buy” by Govindarajan Chellappa, an analyst at Jefferies Group Inc. Separately, Jaguar Land Rover is having “intense discussions” with a Chinese automaker about a potential partnership on manufacturing in the country, Chief Executive Officer Ralf Speth said yesterday. The company is also talking to other candidates, Speth said.
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