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India Equity Movers: Cairn India, Emco, Himachal Futuristic, Zee

April 19 (Bloomberg) -- The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share levels are as of the 3:30 p.m. close in Mumbai. The Bombay Stock Exchange Sensitive Index, or Sensex, gained 30.66, or 0.2 percent, at 19,121.83. The BSE 200 Index also rose 0.2 percent to 2,368.37.

Cairn India Ltd. (CAIR IN) added 2.4 percent to 344.1 rupees. Petroliam Nasional Bhd., Malaysia’s state oil and gas company, sold all of its 14.94 percent holding in Cairn India Ltd. for $2.1 billion, it said in an e-mailed statement. Vedanta Resources Plc, struggling to take over Cairn India because of approval delays, bought 11 percent in the explorer at a discount from Petroliam Nasional, two people familiar with the transaction said.

Emco Ltd. (EMCO IN) dropped 1.2 percent to 66.15 rupees. The power equipment maker will report its first annual loss in 24 years as cost overruns hurt earnings, Chairman Rajesh Jain said in an interview.

HDFC Bank Ltd. (HDFCB IN) gained 1.5 percent to 2,347.5 rupees. India’s third-largest lender by market value reported a net income of 11.1 billion rupees ($250 million) for the three months ended March 31 yesterday after the market closed. The board also approved a plan to split each share into five.

Himachal Futuristic Communications Ltd. (HMFC IN) surged 12 percent to 16.95 rupees, its highest level since Feb. 3. The telephone equipment maker replaced Indiabulls Real Estate Ltd. in the BSE 500 Index of the Bombay Stock Exchange, according to a statement from the bourse yesterday.

IDBI Bank Ltd. (IDBI IN) gained 2.9 percent to 149.55 rupees, its steepest advance since March 28. The state-owned lender posted a 62-percent rise in its net income at 5.16 billion rupees for the three months ended March, according to an exchange filing.

Sunflag Iron & Steel Co. (SUNF IN) climbed 5.2 percent to 31.5 rupees, its highest close since Oct. 21. About 5 million shares, or 3.1 percent of the iron and steel products maker’s equity, changed hands in two transactions on the National Stock Exchange, according to Bloomberg data. The buyers and sellers weren’t immediately known.

Suryachakra Power Corp. (SUPC IN) soared 11 percent to 14.82 rupees, its highest price since Jan. 18. The electricity producer plans to raise $25 million selling shares overseas, according to an exchange filing.

Zee Entertainment Enterprises Ltd. (Z IN) jumped 7.7 percent to 134.8 rupees, its highest close since Jan. 7. The broadcaster posted a 50 percent jump in its net income for the three months ended March, according to an exchange filing.

To contact the reporter on this story: Ameya Karve in Mumbai at akarve@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.

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