Feb. 25 (Bloomberg) -- The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the 3:30 p.m. in Mumbai.
The Bombay Stock Exchange Sensitive Index, or Sensex, advanced 68.50, or 0.4 percent, to 17,700.91, retreating 2.8 percent this week.
Railway stocks: Kalindee Rail Nirman Engineers Ltd. (KRNE IN), an Indian maker of signaling systems, telecommunications gear and railroad tracks, tumbled 14 percent to 116.3 rupees, its steepest fall in more than two years.
Railway wagon-maker Titagarh Wagons Ltd. (TWL IN) sank 13 percent to 332.55 rupees, the most since July 2009, and rival Texmaco Ltd. (TXM IN) dropped 7.4 percent to 37.6 rupees.
India’s state-controlled railway operator left passenger and freight charges unchanged to help tackle inflation that accelerated to the fastest in a decade.
The railway suppliers retreated on concern that the rate freeze may hamper expansion plans. The rail operator plans to borrow 205.9 billion rupees ($4.5 billion) in the year starting April 1, double the target for the current fiscal year, as it works on adding new lines to support economic growth.
The state-run railway will build about 1,300 kilometers of new lines and buy 18,000 wagons next fiscal year, Rail Minister Mamata Banerjee said in parliament in New Delhi today as she announced Indian Railways’ annual budget.
MphasiS Ltd. (MPHL IN) plummeted 28 percent to 449.30, its worst close in about 19 months. The Hewlett-Packard Co.- controlled software developer yesterday reported first-quarter net income of 2.27 billion rupees on revenue of 12.34 billion rupees, both missing average analysts’ estimates compiled by Bloomberg.
MphasiS cut the rates it charges for its largest shareholder’s clients as customers demanded lower prices during the “traditionally weak” quarter, Chief Financial Officer Ganesh Murthy said in Bangalore today. The discounts reflect a “shocking collapse in governance,” Nimish Joshi, an analyst at CLSA Ltd., wrote in a note to clients today.
National Aluminium Co. (NACL IN) rose 3.5 percent to 440.15 rupees, its highest close since June 28. India’s second-biggest producer of the metal is seeking to form a venture with Hindustan Copper Ltd. (HCP IN) to develop the Malanjkhand mines in the central Indian state of Madhya Pradesh, B.L. Bagra, finance director at National Aluminium, said in an interview.
Omaxe Ltd. (OAXE IN) increased 0.8 percent to 131.70 rupees. The New Delhi-based developer won a contract worth 1.36 billion rupees from India’s defense ministry to build homes at Nasik in the western state of Maharashtra, according to its statement to the Bombay Stock Exchange.
Reliance Communications Ltd. (RCOM IN), India’s second-largest mobile-phone operator, decreased 5.3 percent to 87.45 rupees amid a probe by investigators into the 2008 auction of phone licenses.
Spanco Ltd. (SPAN IN) added 3.3 percent to 140.6 rupees. The telecommunications solutions provider will on Feb. 28 consider raising funds, according to a statement to the stock exchange.
To contact the reporters on this story: Ameya Karve in Mumbai at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com