Indian Equity Movers: Adani Enterprises, GTL, ONGC, Dena Bank

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 Sensitive Index, or Sensex, lost 0.1 percent to 18,197.20. The BSE200 Index slid 0.5 percent to 2,256.48.

Mining report: Adani Enterprises Ltd. (ADE IN) led losses among Indian miners after a newspaper reported that Karnataka state’s anti-corruption ombudsman has accused the companies of procuring and exporting iron ore illegally.

Adani tumbled 21 percent to 585.50 rupees, the most since listing in 1994. JSW Steel Ltd. (JSTL IN), the third-biggest steelmaker, dropped 5.7 percent to 772.90 rupees, the lowest since November 2009, while NMDC Ltd. (NMDC IN) retreated 2.6 percent to 239.95 rupees, the lowest since Nov. 26 last year.

Bank of India (BOI IN) slumped 2.9 percent to 386.10 rupees, the lowest close in more than 12 months. The state lender was downgraded to “reduce” from “accumulate” at SBI Capital Markets Ltd. by equity analyst Ravikant Bhat, with a 12-month price estimate of 440 rupees a share.

HSBC Bank Plc cut its rating to “neutral,” reducing the price estimate 17 percent to 435 rupees.

Dena Bank Ltd. (DBNK IN) rose 5 percent to 84.70 rupees, the most in eight months after first-quarter net income rose 21 percent from a year ago to 1.68 billion rupees ($38 million).

EIH Ltd. (EIH IN) rallied 13 percent to 96.40 rupees, the biggest advance since June 2009. Sudip Bandyopadhyay, managing director at Destimoney Securities in Mumbai, said the stock gained on speculation rival ITC Ltd. will increase stake in company after new rules announced yesterday by the regulator allow investors to increase holdings to just below 25 percent without having to offer to buy additional shares from the public. The previous limit was 15 percent.

ITC may consider raising or selling its stake in EIH after evaluating current prices and opportunities, Chairman Y.C. Deveshwar told reporters in Kolkata today.

GTL Infrastructure Ltd. (GTLI IN) surged 9.1 percent to 15 rupees, the steepest climb since Jan. 13, 2010. Viom Networks Ltd., a telecom tower company, has made a 75 billion rupees offer to buy out GTL, the Economic Times reported without saying where it got the information. GTL Infrastructure is not in formal discussions with Viom, it said in an exchange filing.

HT Media Ltd. (HTML IN), a newspaper publisher, rose 1.6 percent to 160.05 rupees. About 4.27 million shares, or 2 percent, of the company’s equity traded in five block deals, according to data compiled by Bloomberg.

Jindal Steel & Power Ltd. (JSP IN) lost 4.2 percent to 587.85 rupees, its lowest close since Sept. 30, 2009. The steelmaker’s first-quarter profit fell to 9.33 billion rupees from 9.57 billion rupees a year ago. It plans to borrow as much as 80 billion rupees in the next six months, Managing Director Sushil Maroo said in a conference call yesterday.

Maruti Suzuki India Ltd. (MSIL IN) climbed 1.8 percent to 1,206.65 rupees. The nation’s largest carmaker’ factory at Manesar resumed production after employees halted work for an hour yesterday to protest plans to remove some workers, a labor group said.

Oil & Natural Gas Corp. (ONGC IN), the nation’s biggest energy explorer, dropped 2.9 percent to 269.25 rupees, the steepest decline since June 20. ONGC reported profit that missed analyst estimates after offering deeper discounts to state refiners for selling fuels below cost.

Net income in the three months ended June 30 rose to 40.95 billion rupees from 36.6 billion rupees a year earlier, missing median estimate 42.4 billion rupees by 21 analysts in a Bloomberg survey.

Syndicate Bank (SNDB IN) advanced 2.4 percent to 119.65 rupees, the most in one week, after first-quarter profit jumped 29 percent from a year earlier to 3.43 billion rupees, beating the 3.31-billion rupee estimate by analysts.

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