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Indian Stocks: Blue Star, Neyveli, ONGC, Bhagyanagar, JSW Steel

Jan. 28 (Bloomberg) -- Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices at the 3:30 p.m. close in Mumbai.

India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 288.46, or 1.5 percent, to 18,395.97.

Bhagyanagar India Ltd. (BHIL IN) sank 9.2 percent to 21.7 rupees, the most since June 2009. The copper products and cable maker said net profit in the quarter to Dec. 31 declined 22 percent from a year earlier.

Blue Star Ltd. (BLSTR IN) lost 13 percent to 346 rupees, the most since October 2008. The air-conditioner maker reported third-quarter profit sank 47 percent from a year earlier.

JSW Steel Ltd. (JSTL IN) fell for a second day after India’s third-biggest producer reported a worse-than-expected 32 percent decline in third-quarter profit. The stock extended yesterday’s 5.1 percent drop, losing 6.9 percent to 896.40 rupees, its lowest close since November 2009.

Neyveli Lignite Corp. (NLC IN) dropped 4.8 percent to 110.45 rupees, its lowest level since May 2009. The state-owned miner and power producer said third-quarter profit fell to 961 million rupees ($21 million) from 3.71 billion rupees a year earlier.

Oil & Natural Gas Corp. (ONGC IN) advanced 1.7 percent to 1,132.9 rupees. India’s biggest energy explorer found shale gas at a well in India’s West Bengal state, the company said in a release.

To contact the reporter on this story: Hemal Savai in Mumbai at at hsavai@bloomberg.net

To contact the editor responsible for this story: Stephen Foxwell at at sfoxwell@bloomberg.net

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