Indian Equities: Indiabulls Power, Jet Airways, Rallis, Varun

Updated on

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, rose 1.6 percent to 18,722.30. The BSE200 Index added 1.6 percent to 2,321.19.

GTL Infrastructure Ltd. (GTLI IN) gained 4.7 percent to 14.6 rupees, the most in three weeks. The telecom infrastructure company’s board approved a proposal to restructure its debt, while Chief Executive A. Ravi resigned, citing personal reasons, it said in an exchange filing.

Indiabulls Power Ltd. (IBPOW IN) advanced 5.2 percent to 18.3 rupees, the most since March 18. The utility company will consider a merger with Indiabulls Infrastructure Development Ltd., a unit of group company Indiabulls Real Estate Ltd. (IBREL IN), the company said after markets closed yesterday.

Jet Airways (India) Ltd. (JETIN IN) increased 2.4 percent to 499.45 rupees, the most in a week. The nation’s largest carrier posted first-quarter loss to 1.23 billion rupees from analysts’ estimate of 2.24 billion rupees loss.

JM Financial Ltd. (JM IN) climbed 2.7 percent to 23.25 rupees. HSBC Holdings Plc. has sold its unsecured written-off personal loan and credit-card portfolio in India to the financial services company for 467 million rupees.

NIIT Ltd. (NIIT IN) sank 3.9 percent to 55.9 rupees, the most since May 23. The software company reported loss of 100 million rupees from a year earlier.

Rallis India Ltd. (RALI IN) jumped 10 percent to record 160.1 rupees. The agrochemicals maker controlled by the Tata Group said profit in the three months ended June almost doubled to 276.5 million rupees, it said in an exchange filing yesterday after markets closed.

Varun Industries Ltd. (VRN IN) surged 7 percent to 262.7 rupees, a record. The stainless steelmaker will build a 3 billion rupee ($68 million) heavy-minerals plant in Madagascar and sell the production, including some rare earths, to a state-owned Indian company, Varun said today.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE