Indian Equity Movers: Maruti, TTK, Tata Coffee, Sterlite Tech
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, jumped 2 percent to 16,557.23. The BSE200 Index added 1.7 percent to 2,031.11.
Maruti Suzuki India Ltd. (MSIL) tumbled 3.8 percent to 1,070.95 rupees, the most since March 17. The maker of almost half the cars sold in the country halted production again at its Manesar plant, outside New Delhi, after some workers went on strike on Oct. 7, said a spokesman who declined to be identified, citing company policy.
Mercator Lines Ltd. (MRLN) jumped 4.3 percent to 24.05 rupees, the biggest gain in three weeks. India’s second-largest shipping line is in talks to buy “a couple of more” dredgers to add to its fleet of five, Atul Agarwal, managing director and chief financial officer, said in an e-mail. He didn’t say how much the company would spend on the purchases.
Reliance Industries Ltd. (RIL) climbed 3.3 percent to 829.25 rupees, its highest close since Sept. 21. The company owned by Indian billionaire Mukesh Ambani is set to sign a deal with Walt Disney Co.’s local unit UTV Software Communications Ltd. (UTV) in the coming weeks, the Financial Times reported yesterday, citing people familiar with the matter.
Manoj Warrier, a spokesman for Reliance, declined to comment on the report or a deal with UTV when reached on his mobile phone today. UTV rose 1 percent to 953 rupees.
Sterlite Technologies Ltd. (SOTL) , a maker of fiber- optic cables, rallied 6.1 percent to 37.60 rupees, the biggest jump since July 25, after Kapil Sibal, the nation’s telecommunications minister said India’s new telecommunications policy proposes 600 million broadband connections by 2020.
Sun TV Network Ltd. (SUNTV) surged 10 percent to 288 rupees, its highest close since Sept. 23, after reversing an earlier decline of as much as 16 percent.
The stock slumped earlier today after the NDTV television reported that India’s federal investigators searched the homes and offices of former telecommunications minister Dayanidhi Maran and Sun TV Chairman Kalanithi Maran. The Central Bureau of Investigation registered a so-called first investigation report against them and will file a status report on the probe to the top court “in due course,” K.K. Venugopal, an advocate for the CBI, told a two-judge panel headed by G.S. Singhvi.
Sun TV is controlled by the Maran family. Dayanidhi and Kalanithi are brothers.
Tata Consultancy Services Ltd. (TCS) , India’s largest software exporter advanced 1.5 percent to 1,064.70 rupees, the highest close in more than two months. TCS plans to triple the number of its employees in China within three years, from 2,000 currently, the China Daily reported on Oct. 8, citing Girija Pande, chairman of the company’s Asia-Pacific operations. It plans to hire 70,000 people globally this year, the paper said.
Tata Coffee Ltd. (TCO) surged 11 percent to 889 rupees, its highest close since Sept. 7. The company, which is in talks with Starbucks Corp. to open cafes in India, may announce an agreement in two weeks, Managing Director Hameed Huq said in a phone interview today.
TTK Prestige Ltd. (TTKPT) , a kitchen appliances maker, soared 7.3 percent to 2,818 rupees, its highest close since Sept. 20. The company’s second-quarter net profit increased 55 percent from a year earlier to 337.1 million rupees, according to an exchange filing today. Sales rose 52 percent.
Vertex Securities Ltd. (VRTS) rose 1 percent to 236.95 rupees. The company will consider at a meeting tomorrow a proposal to demerge its merchant-banking unit into a new company.
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