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Indian Equity Movers: Solar Cell-Makers, Adani Power, Mphasis

Aug. 25 (Bloomberg) -- Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 9:41 a.m. local time.

India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, added 21.22 points, or 0.1 percent, to 16,306.20. The BSE200 Index added 0.1 percent to 2,025.30.

Solar cell-makers: Indosolar Ltd. (ISLR IN) paced gains among peers, rallying 2.7 percent to 9.40 rupees and headed for its highest close since Aug. 16. India will make it mandatory for developers to use locally made solar cells and modules if they are to qualify for government incentives in the second round of auctions for 350 megawatts of solar photo-voltaic projects, according to rules published on the website of NVVN Ltd., the agency implementing state solar projects.

XL Energy Ltd. (XLE IN) rose 0.7 percent to 7.25 rupees and Websol Energy Systems Ltd. (WESL IN) climbed 2.4 percent to 47.55 rupees.

Adani Power Ltd. (ADANI IN) dropped 1.9 percent to 87.55 rupees, set for the steepest decline in a week. The company, controlled by billionaire Gautam Adani was cut to “neutral” from “overweight” at JPMorgan by equity analyst Shilpa Krishnan with a six-month target price of 90 rupees a share.

Hexaware Technologies Ltd. (HEXW IN) rose 1.5 percent to 73.65 rupees after being rated new “buy” at Royal Bank of Scotland Plc by equity analyst Sandeep Shah, with a target price of 91 rupees a share.

Mphasis Ltd. (MPHL IN) tumbled 5.3 percent to 375.3 rupees, on course for the biggest drop since Aug. 18. The Hewlett-Packard Co. unit reported third-quarter profit fell 28 percent to 1.95 billion rupees ($42.2 million).

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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