Indian Equities: Shekhawati Poly-Yarn, Tata Motors, Suzlon
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, rose 337.76, or 1.8 percent, to 19,534.10 at the 3:30 p.m. close in Mumbai. Shares of the following companies had unusual moves and stock symbols are in parentheses.
Cairn India Ltd. (CAIR IN) gained 3.9 percent to 341.55 rupees, the most in five weeks. The producer of crude oil from the nation’s biggest onshore field was raised to “buy” from “hold” by Harshad Katkar, an analyst at Deutsche Bank AG, with a 12-month price estimate of 385 rupees per share.
Ess Dee Aluminium Ltd. (EDA IN) lost 2.8 percent to 423.3 rupees, its lowest level since April 1. The maker of packaging material for pharmaceuticals had about 1.9 percent of its equity change hands in a single transaction on the National Stock Exchange, according to data on Bloomberg.
Hindustan Motors Ltd. (HM IN) increased 2.1 percent to 22.25 percent, the most since Dec. 28. India’s oldest carmaker had about 3.4 percent of its equity, change hands in a single transaction on the National Stock Exchange, according to data on Bloomberg.
Jindal Steel & Power Ltd. (JSP IN) added 2.6 percent to 693.25 rupees, its steepest climb since Dec. 6. JSL Mozambique, a unit of the steelmaker, said it plans to start exporting coal from one of its four concessions in Mozambique by 2012.
Shekhawati Poly-Yarn Ltd. (SPYL IN) surged 58 percent to 47.5 rupees. The textile company commenced trading today after raising 360 million rupees ($7.99 million) in an initial public offering in which it sold shares at 30 rupees a piece last month.
Suzlon Energy Ltd. (SUEL IN) jumped 13 percent to 53.65 rupees, the most in two months. India’s biggest wind-turbine maker was raised to “overweight” from “underweight” by Shilpa Krishnan, an analyst at JPMorgan, with a 12-month price estimate of 64 rupees per share.
Tata Motors Ltd., India’s biggest truckmaker, surged 5.2 percent to 1,218 rupees, its steepest climb in more than seven months. The automaker’s credit-default swaps have fallen below those of Ford Motor Co. as it’s China sales boost profit.
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