Indian Equities: Fortis, Jet Airways, Kavveri Telecom, Maruti
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 3:30 p.m. local time.
The BSE India Sensitive Index, or Sensex, declined 1.1 percent to 16,745.35. The BSE200 Index lost 0.9 percent to 2,076.93.
Fortis Healthcare India Ltd. (FORH IN) dropped 1.8 percent to 144.45 rupees, the lowest close since Feb. 24. The hospital operator plans to invest $1 billion over three years to boost growth in India and overseas, Chairman Malvinder Singh told reporters in New Delhi today. The company also agreed to buy its international unit from RHC Financial Services Ltd., according to an e-mailed statement today.
Jet Airways India Ltd. (JETIN) , the nation’s biggest carrier, climbed 1.2 percent to 275.85 rupees, the biggest gain since Sept. 7. The company increased its fuel surcharge by 200 rupees from Sept. 17, according to an e-mailed statement.
Kavveri Telecom Products Ltd. (KTPL) , a telecom equipment supplier, rallied 5.3 percent to 142.15 rupees, its highest close since Aug. 4. The company signed a 10-year agreement with an Indian mobile-phone operator for building wireless solutions, it said in an exchange filing today.
Maruti Suzuki India Ltd. (MSIL) , which makes almost half the cars sold in the country, advanced 2.8 percent to 1,140.75 rupees, the most since Aug. 10, after the Spiegel magazine cited an unidentified Volkswagen AG manager as saying he doesn’t rule out a purchase of Suzuki Motor Corp. if the tie-up between the two carmakers ends. Suzuki, which owned 54.21 percent of Maruti as of June 30, last week said they wanted to end the alliance.
“We’ve always said that Suzuki is an independent company and an independent partner” VW spokesman Michael Brendel said by phone yesterday, declining to comment on the Spiegel article. “We are satisfied with our distribution of ownership in Suzuki.”
Volkswagen AG has a 19.9 percent stake in Suzuki Motor.
Oil & Natural Gas Corp. (ONGC IN) declined 1.9 percent to 269.45 rupees, the most in two weeks. India’s government is considering almost doubling ONGC’s share of fuel subsidy as it takes steps to cut expenditure and reduce the fiscal deficit, two people with direct knowledge of the matter said.
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