Indian Equity Movers:GMR Infra, Pipavav Shipyard, Reliance Infra
Stock Chart for GMR Infrastructure Ltd (GMRI)
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 10:02 a.m. local time.
The BSE India Sensitive Index, or Sensex, rose 1.9 percent to 16,347.4. The BSE200 Index gained 1.7 percent to 2,029.71.
Bharat Heavy Electricals Ltd. (BHEL) rose 2.2 percent to 1,620 rupees. The power equipment maker is waiting for market conditions to improve before selling $1 billion in new shares, the Press Trust of India reported, citing Heavy Industries Minister Praful Patel.
GAIL India Ltd. (GAIL) climbed 0.5 percent to 411.85 rupees. The nation’s biggest gas distributor is in talks with at least two international energy explorers, including U.S.-based Chevron Corp. (CVX), to buy stakes in their liquefied natural gas plants in Australia and Algeria, the Economic Times reported.
GMR Infrastructure Ltd. (GMRI) climbed 2.2 percent to 27.50 rupees after the Indian builder of airports, roads and power plants agreed to sell a 30 percent stake in unit GMR Energy (Singapore) Pte to Petronas International Corp.
Pipavav Shipyard Ltd. (PIPV) slumped 4.3 percent to 77.75 rupees. India’s defense ministry put on hold a venture between the company and state-owned Mazagon Dock Ltd. to build warships and submarines.
Reliance Infrastructure Ltd. (RELI) gained 2.4 percent to 433.25 rupees after JPMorgan raised its rating on the stock to “overweight” from “neutral.”
Tata Consultancy Services Ltd. (TCS) gained 2.5 percent to 1,021.9 rupees after Asia’s biggest computer services provider by market value said it’s weighing acquisitions in France, Germany, Japan and the U.S. as it sees a further rise in demand even amid global economic woes.
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