Indian Equity Movers: Blue Star, Polaris, Union Bank, Vaswani

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, advanced 0.9 percent to 16,939.28. The BSE200 Index added 0.7 percent to 2,067.80.

Airlines: India’s industry ministry has recommended that foreign airlines be allowed to buy as much as 26 percent stake in the nation’s domestic carriers, the Press Trust of India reported, citing sources it didn’t identify. Jet Airways India Ltd. (JETIN) climbed 0.8 percent to 234.3 rupees. Kingfisher Airlines Ltd. (KAIR) advanced 0.4 percent to 22.7 rupees. SpiceJet Ltd. (SJET) retreated 3.7 percent to 22.7 rupees.

Axis Bank Ltd. (AXSB) increased 3.6 percent to 1,168.55 rupees, the most in almost two week. The lender posted profit of 9.2 billion rupees in the quarter ended Sept. 30, compared with 7.35 billion rupees a year earlier. The median estimate of 34 analysts surveyed by Bloomberg was 9.2 billion rupees.

Blue Star Ltd. (BLSTR) tumbled 8.5 percent to 197.5 rupees, its lowest price since May 14, 2009. The maker of air- conditioning and refrigeration systems posted a loss of 208 million rupees in the quarter ended Sept. 30, compared with a profit of 386.5 million rupees a year earlier, according to a Oct. 22 exchange filing.

Grasim Industries Ltd. (GRASIM) climbed 3 percent to 2,357.75 rupees, the biggest gain in almost six months. The cement and viscose staple fiber maker reported profit of 4.18 billion rupees in the quarter, compared with 3.23 billion rupees a year earlier. The median estimate of 11 analysts surveyed by Bloomberg News was 3.91 billion rupees.

JSW Steel Ltd. (JSTL) advanced 1 percent to 586.25 rupees. India’s third-biggest producer is in talks with its customers to raise prices by 3 percent to 4 percent, Business Standard reported citing Jayant Acharya, director of sales and marketing.

Lanco Industries (LCI IN) sank 14 percent to 29.3 rupees, the steepest drop since Jan. 2, 2002. The company reported a second-quarter loss of 178.2 million rupees in the quarter ended Sept. 30, versus a profit of 204.3 million rupees a year earlier.

Maruti Suzuki India Ltd. (MSIL) increased 1.6 percent to 1,112.4 rupees, its highest price in more than two weeks. The carmaker is scouting for land in Maharashtra state to set up a factory after workers’ strike at its Manesar plant near New Delhi disrupted production, the Hindu Business Line reported, citing a government official it didn’t identify.

Polaris Software Lab Ltd. (POL) surged 8.1 percent to 138.95 rupees, the most since Feb. 3. The banking software developer said profit in the quarter ended Sept. 30 advanced 12 percent to 539.4 million rupees beating analyst estimate of 521 million, data compiled by Bloomberg data.

Suzlon Energy Ltd. (SUEL) jumped 1.4 percent to 36.7 rupees, the steepest gain in more than a week. Asia’s third- biggest maker of wind turbines reported group profit of 480 million rupees in the quarter ended Sept. 30, compared with a 3.7 billion-rupee loss last year. The company said orders at its German unit Repower Systems SE are shielded from the European debt crisis.

Union Bank of India (UNBK) Ltd retreated 11 percent to 212.15 rupees, the largest gain since Dec. 12, 2006. The lender reported profit of 3.53 billion rupees in the quarter, compared with 3.03 billion rupees a year earlier. The median estimate of 26 analysts was 5.54 billion rupees, data compiled by Bloomberg data.

Vaswani Industries Ltd. (VAS IN) plunged 64 percent to 17.8 rupees in its trading debut today.

To contact the reporter on this story: Hemal Savai in Mumbai at at

To contact the editor responsible for this story: Darren Boey at

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