Indian Equities: Tata Communications, Tulip Telecom, Sun Pharma
India’s Bombay Stock Exchange Sensitive Index, or Sensex, gained 30.69 rupees, or 0.15 percent, to 20,475.73, the highest since Jan. 14, 2008.
ICICI Bank Ltd. (ICICIBC IN), India’s second-biggest lender, rose 1.9 percent to 1,156.15 rupees, the highest since Feb. 20, 2008, and Bank of Baroda (BOB IN) climbed 1.9 percent to 904.3 rupees to at least a 13-year high. Both banks were raised to “overweight” from “neutral” at JPMorgan Chase & Co., which said recent macroeconomic news has been “supportive” and that bank stocks should remain a favorite for investors. The brokerage also raised its rating for State Bank of India to “neutral” from “underweight,” according to a report by analysts led by Seshadri Sen.
Edelweiss Capital Ltd. (EDEL IN) added 5.7 percent to 61.6 rupees, the highest in more than two years. Lehman Brothers Netherlands Horizons BV sold 9.9 million shares of the Indian provider of financial services at 53.33 rupees a share, according to data posted by the Bombay Stock Exchange on its website on Oct. 1.
Hero Honda Motors Ltd. (HH IN) slumped 2.3 percent to 1805.5 rupees, the most in a month. The nation’s largest motorcycle maker sold 433,641 units in September, compared with 401,290 a year earlier, the company said in e-mailed statement on Oct. 1.
IVRCL Infrastructures & Projects Ltd. (IVRC IN), a construction company that performs marine construction and site- leveling, rose as much as 1.2 percent to 165.1 rupees, the highest in five days, after saying it won orders worth 11.2 billion rupees.
JSW Steel Ltd. (JSTL IN) gained 1.6 percent to 1,392 rupees, the highest since May 3, 1995. JSW Steel and Steel Authority of India Ltd. (SAIL IN) raised prices of the alloy by as much as 3 percent starting on Oct. 1, JSW Marketing Director Jayant Acharya and Steel Authority Chairman C.S. Verma said in separate telephone interviews that day.
Reliance Industries Ltd. (RIL IN) gained 1 percent to 1,017.85 rupees, the highest since Sep. 22. Reliance, India’s biggest company by market value, plans to sell 10- and 30-year bonds denominated in U.S. dollars, according to a person familiar with the matter.
Sun Pharmaceutical Industries Ltd. (SUNP IN) climbed 1.7 percent to 2,064.65 rupees, the highest since Dec. 20, 1994. The Mumbai-based drugmaker received tentative approval from the U.S. drug regulator to sell a copy of Orion Pharmaceuticals Inc.’s Stalevo tablets, used for the treatment of Parkinson’s disease, according to a statement on the Bombay Stock Exchange on Oct. 1.
Tata Communications Ltd. (TCOM IN) rose 5.7 percent to 325.7 rupees, the most since Aug. 11. The telecom company is planning to acquire Suntel Ltd., Sri Lanka’s second-largest provider of fixed-line telephone services, the Economic Times reported, citing an unidentified government official with knowledge of the matter.
Mumbai-based Tata, which has already received government approval for the acquisition, submitted a bid for Colombo-based Suntel last month, according to the report.
Tata Motors Ltd. (TTMT IN) gained 2.2 percent to 1,139.05 rupees, the highest since Jan. 3, 1991. The owner of Jaguar and Land Rover is seeking to raise at least $525 million selling shares to institutional investors to help reduce debt and fund growth, the company said in an e-mailed statement on Oct. 1.
The sale will include $200 million of ordinary shares and $325 million of ‘A’ shares, with an option to increase the ‘A’ shares sale to as much as $400 million, it said without defining the ‘A’ share class.
Tulip Telecom Ltd. (TTSL IN), a data communication infrastructure provider, rose 6 percent to 190.05 rupees, the most since July 16, after about 3.4 million shares, or 2.3 percent of its equity, changed hands in five block deals in Mumbai, according to Bloomberg data. Buyers and sellers weren’t immediately known.
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