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India Equity Movers: Bhartiya Global, Bajaj Electricals, Welspun

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July 28 (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. local time close.

India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, declined 1.2 percent to 18,209.52, the lowest in more than a month. The BSE200 Index lost 1.1 percent to 2,267.56.

Bajaj Electricals Ltd. (BJE IN) sank 8.9 percent to 216.70 rupees, the most in nine months. Net income more than halved from a year ago to 110.6 million rupees in the first quarter ended June.

Bharatiya Global Infomedia Ltd. (BGIL IN) tumbled 64 percent to 29.9 rupees in its Mumbai trading debut after getting orders for 2.1 times the shares in an initial public offering earlier this month. The company, based in Noida near New Delhi, raised 551 million rupees ($12.5 million) selling 6.72 million shares at 82 rupees each.

Dabur India Ltd. (DABUR IN), a maker of packaged honey, traditional medicine and hair oil, dropped 3.7 percent to 106.45 rupees, the most since Feb. 18. The stock was cut to “reduce” from “add” by Manoj Menon, at Kotak Institutional Equities, citing valuations. The share-price target was kept unchanged at 110 rupees a share.

Idea Cellular Ltd. (IDEA IN) dropped 1.7 percent to 90.05 rupees. About 83.5 million shares, or 2.5 percent, of the telecom operator’s equity was traded in a single block today.

Separately, the company increased its tariff on some plans by up to 20 percent, the Press Trust of India reported, without saying where it got the information.

ITC Ltd. (ITC IN), Asia’s second-largest cigarette maker by market value, climbed 2.7 percent to 206.25 rupees, the most in three weeks. First-quarter profit rose 24 percent from a year earlier to 13.3 billion rupees, exceeding the 12.7-billion rupee average forecast of 17 analysts in a Bloomberg survey.

Jet Airways India Ltd. (JETIN IN), the nation’s biggest carrier, plummeted 5.2 percent to 453.50 rupees, the most since June 20. The stock was downgraded to “hold” from “buy” by Rashesh Shah, an analyst at ICICIdirect, with a 12-month target price of 520 rupees per share.

Steel Authority of India Ltd. (SAIL IN), the nation’s second-biggest producer, lost 2.7 percent to 127.70 rupees, the lowest close since May 2009. The company scrapped a $1.2 billion plan to build its first natural gas-fired factory with Japan’s Kobe Steel Ltd., anticipating a shortage of the fuel, the country’ steel secretary P.K. Misra said.

Tata Metaliks Ltd. (TML IN), a maker of pig iron, plunged 4.5 percent to 95.4 rupees, the steepest drop since June last year. The company reported a first-quarter loss of 354.4 million rupees, compared with a 53.7 million-rupee profit a year earlier, according to a statement on BSE Ltd.

Vijaya Bank Ltd. (VJYBK IN) plummeted 6.1 percent to 63.45 rupees, the most since November 2009, after reporting first-quarter profit that more than halved from a year earlier to 722.2 million rupees.

Welspun Corp. (WLCO IN), a pipe maker, sank 6.3 percent to 152.95 rupees, the most since Dec. 9. First-quarter net income tumbled 38 percent from a year earlier to 1.19 billion rupees, missing analysts’ estimate of 1.5 billion rupees.

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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