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Indian Stock Movers: Crompton, Gemini Communications, Kingfisher

July 19 (Bloomberg) -- 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.

India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, added 0.8 percent to 18,653.87, the highest close since July 11. The BSE200 Index advanced 0.6 percent to 2,319.59.

Crompton Greaves Ltd. (CRG IN), an Indian electrical equipment maker, tumbled 14 percent to 208.30 rupees, the biggest drop since May 2004. First-quarter net income unexpectedly fell 58 percent to 794.7 million rupees ($17.9 million) from 1.91 billion rupees a year earlier, Crompton said in an exchange filing today. A median survey of 14 analysts compiled by Bloomberg forecast net income of 2.10 billion rupees.

Cox & Kings Ltd. (COXK IN), a travel company, rallied 6.7 percent to 206.50 rupees, the largest gain since March 25, after Morgan Stanley said it expects a “potential” cash inflow of 2 billion rupees into the company from its founders if they win a property dispute.

Gemini Communications Ltd. (GMCM IN), an Indian wireless broadband company, surged 7.6 percent to 28.4 rupees, its highest close since Nov. 23, after saying it will spend 290 million rupees to buy back shares at a maximum price of 45 rupees apiece.

Kingfisher Airlines Ltd. (KAIR IN) fell 1 percent to 39 rupees, the biggest drop in a week. Twelve flights of the nation’s second-biggest airline were grounded at the country’s four major airports for two hours after Hindustan Petroleum Corp. refused to supply fuel because of non-payment, the Business Standard reported, without saying where it got the information.

Mahanagar Telephone Nigam Ltd. (MTNL IN) gained 1.4 percent to 44.40 rupees, its highest close since July 8. The state-owned telecommunications company is looking to buy a 51 percent stake in Zimbabwe’s state-run land-line operator, TelOne Corp., the Economic Times reported, without saying where it got the information.

To contact the reporter on this story: Shikhar Balwani in Mumbai at sbalwani@bloomberg.net;

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

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