Indian Equity Movers: Hindustan Unilever, Redington, Tata Sponge
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 slid 0.6 percent to 17,705.01. The 30-stock gauge rallied 7.6 percent in October, its biggest monthly advance since March. The BSE 200 Index lost 0.4 percent to 2,155.58.
Bank of Baroda (BOB) advanced 4.3 percent to 771.15 rupees, the most since Sept. 7, after the state-run lender posted second-quarter profit of 11.7 billion rupees ($240 million), up 15 percent from a year ago, and above analysts’ estimate of 10.9 billion rupees.
Essar Ports Ltd. (ESRS IN) surged by its daily 20 percent limit to 80.4 rupees, the steepest gain since April, 2001. The stock was rated new “buy” with a price estimate of 89 rupees a share at Bank of America Merrill Lynch by analysts Deepak Agrawala and Bharat Parekh, according to a report dated Oct. 28.
Hindustan Unilever Ltd. (HUVR) rallied 7.1 percent to 375.80 rupees, a record close, after the Indian unit of Unilever Plc reported profit that exceeded analysts’ estimates for a third straight quarter. Net income increased 22 percent to 6.89 billion rupees for the three months ended Sept. 30, according to a statement today. That beat the 5.81 billion-rupee median of 25 analyst estimates compiled by Bloomberg.
Indian Bank (INBK) jumped 6.3 percent to 217.65 rupees, the most in more than 12 months, after reporting second-quarter net income that rose 13 percent from a year ago to 4.69 billion rupees, exceeding analysts’ estimate of 4.21 billion rupees.
Redington India Ltd. (REDI) gained 2.2 percent to 95.05 rupees, the biggest gain in almost two months. The provider of supply-chain services said group profit in the second quarter climbed 24 percent from a year earlier to 612.7 million rupees.
Tata Global Beverages Ltd. (TGBL) , the maker of Tetley tea, climbed 3.2 percent to 92.60 rupees, its highest close since Sept. 21. The company’s profit for the quarter ended September rose 49 percent to 769.50 million rupees.
Tata Motors Ltd. (TTMT) , India’s biggest truck-maker, slumped 4 percent to 198.45 rupees, the most since Oct. 4. The company has suspended work at its plant in Thailand because of floods, the Business Standard newspaper reported, citing a company official it didn’t identify. The company, which produces the Xenon pick-up truck through a joint venture in the Southeast Asian country, will review the flood situation today, the report said.
Tata Sponge Iron Ltd. (TTSP) , a metal producer, surged 9.6 percent to 338.75 rupees, its biggest gain since March 21. The company said profit in the quarter ended Sept. 30 more than doubled to 217.3 million rupees.
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