Indian Equities: Eveready, Indian Oil, Sterlite, Tech Mahindra
India’s Bombay Stock Exchange Sensitive Index, or Sensex, rose 107.41, or 0.6 percent, to 19,799.19 at the 3:30 p.m. close in Mumbai. Shares of the following companies had unusual moves and stock symbols are in parentheses.
Cummins India Ltd. (KKC IN) dropped 1.3 percent to 760 rupees after the maker of diesel truck engines and generators was rated “neutral” in new coverage by analysts including Ishan Sethi at Goldman Sachs Group Inc.
Eveready Industries Ltd. (EVRIN IN) rose 14 percent to 59.15 rupees, its biggest gain since July 2009, after Managing Director Deepak Khaitan said India’s largest maker of batteries raised prices of some products by as much as 9 percent to pass on the higher cost of zinc, a key raw material.
Hero Honda Ltd. (HH IN) fell 3.5 percent to 1,712.75 rupees after the Economic Times reported that India’s Munjal family will buy out Honda Motor Co.’s 26 percent stake in the nation’s largest motorcycle maker for about $1 billion, citing people it didn’t identify.
Indian Oil Corp. (IOCL IN) gained 2.4 percent to 375.5 rupees after the refiner was among those companies selected to build solar projects by India’s government.
Sterlite Industries (India) Ltd. (STLT IN) advanced 3.4 percent to 170.6 rupees after the nation’s top court allowed it to continue operating its copper smelter in the southern state of Tamil Nadu until the next hearing. The case will be heard in the last week of January next year, the court said in its ruling yesterday.
Thermax India Ltd. (TMX IN) rose 2.3 percent to 875.25 rupees after the power equipment maker was rated “neutral” in new coverage by analysts including Goldman’s Sethi.
Tech Mahindra Ltd. (TECHM IN) climbed 3.9 percent to 673.85 rupees after BT Group Plc said it completed the sale of a 5.5 percent holding in the company to Mahindra & Mahindra Ltd., for 63 million pounds ($100 million). Mahindra fell 1.4 percent to 757.85 rupees.
Union Bank of India (UNBK IN) added 1.3 percent to 334.95 rupees after the lender was raised to “buy” from “accumulate” by Abhijit Majumder, an analyst at Prabhudas Lilladher, with a 12-month price estimate of 446 rupees a share.
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