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, climbed 2.8 percent to 16,232.54. The BSE 200 Index gained 2.4 percent to 1,996.81.
Mobile operators: Bharti Airtel Ltd. (BHARTI) , India’s largest, and smaller rival Idea Cellular Ltd. (IDEA) tumbled as Goldman Sachs cut its price targets on the two stocks by 2 percent each and also lowered earnings-per-share estimates for the two companies. Bharti sank 3.1 percent to 354.80 rupees, a five-month low. Idea slid 4.6 percent to 90.25 rupees.
Bharti may miss consensus estimates for the sixth straight quarter, Sachin Salgaonkar, an analyst at Goldman Sachs, wrote in a note dated Oct. 6. The brokerage cut Bharti’s EPS estimate for the year ending March 31 by 9.1 percent, while reducing Idea’s EPS estimate by 4.1 percent.
Sugar mills: Shree Renuka Sugars Ltd. (SHRS) surged 3.3 percent to 52.10 rupees, pacing gains among sugar makers. India, the world’s second-biggest producer, may allow 500,000 metric tons of exports by the end of this month and a similar quantity by Nov. 30, Food Minister K.V. Thomas said in an interview on Oct. 5. The sales need approval of a ministerial panel headed by Finance Minister Pranab Mukherjee, Thomas said.
India Infoline Ltd. (IIFL) advanced 1.9 percent to 72.70 rupees after Carlyle Group LP acquired a 9 percent stake in the Mumbai-based brokerage. Carlyle will be invited to join India Infoline’s board, the Washington-based buyout firm said in a statement Oct. 5. It didn’t disclose the value of the stake.
Kilitch Drugs (India) Ltd. (KILD IN) jumped 5 percent, its daily limit, to 84 rupees. The company plans to sell its two units to Akorn Inc. for 1.88 billion rupees ($38.3 million), it informed shareholders today.
RDB Rasayans Ltd. (RDBR IN) dropped 66 percent to 26.50 rupees in its trading debut. The maker of woven fabrics raised 355.5 million rupees selling shares at 79 rupees each in an initial public offering last month.
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