Indian Equities: ITC, JSW Steel, IRB Infrastructure, R Systems
India’s Bombay Stock Exchange Sensitive Index, or Sensex, rose 182.89, or 0.9 percent, to 19,691.78 at the 3:30 p.m. close in Mumbai. Shares of the following companies had unusual moves and stock symbols are in parentheses.
ITC Ltd. (ITC IN) fell 1.9 percent to 167.15 rupees, the most since Nov. 25. The country largest cigarette maker won’t resume production of its tobacco products until the government clarifies warnings required on packets, the Hindu Business Line reported, citing Chairman Y.C. Deveshwar. Nazeeb Arif, a spokesman, declined to comment on the report.
IRB Infrastructure Developers Ltd. (IRB IN) climbed 7.3 percent to 218.75 rupees, the most since Nov. 29. The builder of roads and bridges was raised to “buy” from “reduce” by Saion Mukherjee and other analysts at Nomura Holdings Inc., and rated “buy” in new coverage by Nimit Shahat, an analyst at Daiwa Securities Capital Markets.
JSW Steel Ltd. (JSTL IN) surged 8.6 percent to 1,130.25 rupees, the most since Jan. 5. The third-largest producer of the alloy was raised to “buy” from “neutral” by Pritesh Vinay and other analysts at Goldman Sachs Group Inc.
Nitin Fire Protection Industries Ltd. (NFPI IN) climbed 17 percent to 81.25 rupees, the most in almost a year. The provider of building management system said its board will consider a “strategic partnership” proposal on Dec. 16.
R Systems International Ltd. (RSYS IN) rose 1.1 percent to 128.3 rupees, the highest in almost two years. The software developer will buy a software company in the U.K., it said in a statement to the exchange today.
Rural Electrification Corp Ltd. (RECL IN) added 2.3 percent to 311.2 rupees. The state-controlled lender to power projects was rated “buy” in initial coverage by Abhinesh Vijayaraj, an analyst at Tata Securities Ltd.
Transport Corp. of India Ltd. (TRPC IN) gained 2.5 percent to 106.25 rupees, the most since Dec. 8. Vineet Agarwal, an executive director, said the cargo and logistics services provider plans to raise 750 million rupees ($17 million) selling shares in the next two months.
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