Indian Equities: Bharti, McNally, Infosys, Sterlite, Wockhardt
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, lost 0.1 percent to 16,536.47. The BSE 200 Index gained 0.1 percent to 2,033.26.
Bharti Airtel Ltd. (BHARTI) increased 3.2 percent to 375 rupees, the biggest gain in more than two months. India’s largest mobile-phone company said in an e-mailed statement that the nation’s plan to allow sharing of spectrum and “market- based” allocation of airwaves will help add “much-needed capacity” in the telecom sector.
McNally Bharat Engineering Co. (MCNA IN) advanced 2.8 percent to 123 rupees, its highest price since Sept. 22. The company said it got three orders worth 1.97 billion rupees.
Infosys Ltd. (INFO IN) sank 3.3 percent to 2,504.55 rupees, the biggest drop in more than two weeks. Options traders are the most bearish on the India’s second-biggest software maker in seven months on speculation that it may cut its earnings forecast amid uncertainties in the global economy.
Rajesh Exports Ltd. (RJEX) climbed 4.7 percent to 137.8 rupees, its highest price since Sept. 20. The jewelry maker and exporter has secured an order valued at 6.21 billion rupees from Dubai’s Excel Goldsmiths, according to an exchange filing today.
Sterlite Industries (India) Ltd. (STLT IN) declined 1.5 percent to 115.8 rupees, the biggest drop in a week. India’s top court directed the Tamil Nadu Pollution Control Board to issue a notice to the nation’s biggest copper producer within two weeks asking the company to comply with pollution control measures, a two-judge panel said in an order in New Delhi today.
Wockhardt Ltd. (WPL) surged 12 percent to 449 rupees, the biggest gain since Nov. 2. The Indian drugmaker agreed to settle a case filed by creditors regarding the repayment of foreign currency convertible bonds, Bloomberg UTV television channel said. The company will pay bondholders 3.15 billion rupees in five tranches over 10 months.
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