Indian Equities: Cement Makers, Sugar Mills, Ambuja, Gravita
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, sank 4.1 percent to 16,361.15, the steepest loss since July 6, 2009. The BSE200 Index lost 3.8 percent to 2,035.21, the most since August 2009.
Cement Makers: The merger of ACC Ltd. (ACC) and Ambuja Cements Ltd. (ACEM), units of Holcim Ltd., has been deffered indefinitely, the Business Standard reported, citing unidentified analyst from brokerage firm. ACC fell 0.3 percent to 1,068.4 rupees and Ambuja lost 4.3 percent to 143.45 rupees.
Sugar millers: Sugar output in India, the second-biggest producer, will be little changed in the 2011-2012 crop season from a year ago, Food Minister K.V. Thomas said in New Delhi yesterday. The nation will probably produce 24.6 million metric tons in the year beginning Oct. 1, compared with 24.3 million tons estimated for this year. Bajaj Hindusthan Ltd. (BJH) , dropped 6.1 percent to 40.5 rupees. Balrampur Chini Mills Ltd. (BRCM) declined 2.5 percent to 50.15 rupees while Shree Renuka Sugars Ltd. (SHRS) tumbled 9 percent to 57.9 rupees.
Price Manipulation: India’s capital markets regulator barred seven companies, Asahi Infrastructure & Projects Ltd. (ACHF) , IKF Technologies Ltd. (IKF) , Avon Corp. (AVOC IN), K Sera Sera Ltd. (KSERA IN), CAT Technologies Ltd. (CCRC) , Maars Software International Ltd. (MRSSI) , and Cals Refineries Ltd. (CALS) , from selling shares or other convertible instruments after an initial investigation showed they manipulated prices through sales of global depository receipts.
Asahi tumbled 17 percent to 4.05 rupees, IKF declined 4.8 percent to 2.59 rupees, Avon sank 19 percent to 3.23 rupees, K Sera lost 5 percent to 10.74 rupees, CAT Technologies dropped 10 percent to 9.01 rupees, Maars Software slid 11 percent to 0.67 rupees and Cals Refineries fell 2.7 percent to 0.36 rupees.
Gravita India Ltd. (GRAV) gained 1.1 percent to 424.75 rupees, a five-month high. The lead-recycling company acquired the remaining 20 percent stake in Metal Inc. it didn’t already own. The unit is expected to add as much as 400 million rupees ($8.3 million) to revenue, it said in a statement to the Bombay Stock Exchange yesterday.
Reliance Industries Ltd. (RIL) slid 6.1 percent to 786.35 rupees, the most since July 6, 2009. India’s Supreme Court may hear tomorrow a petition filed by an individual seeking a federal probe into alleged irregularities in the allocation of a drilling contract in the KG basin by Reliance, according to a court filing in New Delhi yesterday. Manoj Warrier, a spokesman for Reliance, declined to comment on the petition. The shares fell 1.7 percent to 837.6 rupees.
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