Indian Equities: Emami Paper, Steel Authority, Tata Coffee
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices at the 3:30 p.m. close in Mumbai.
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 322.38, or 1.7 percent, to 18,860.44.
Amara Raja Ltd. (AMRJ IN) advanced 0.9 percent to 186.45 rupees, the most since Jan. 3. The automotive battery maker part-owned by Johnson Controls Inc. said it will consider paying a special dividend to shareholders.
Commercial Engineers & Body Builders Co. (CEBB IN) gained 2.7 percent to 45.4 rupees, the most since Jan. 4. The maker of truck bodies had about 2 percent of its equity change hands in a single transaction on the Bombay Stock Exchange, according to Bloomberg data.
Emami Paper Mills Ltd. (EPML IN) climbed 3.9 percent to 52.4 rupees, the most in two weeks. The supplier to the world’s largest-selling English newspaper plans to raise 20 billion rupees ($441 million) from borrowings and a share sale, Chief Executive Officer P.S. Patwari said.
Steel Authority of India Ltd. (SAIL IN) lost 6.3 percent to 161.4 rupees, its lowest since Nov. 4, 2009. The nation’s second-biggest producer of the alloy reported a 34 percent drop in third-quarter profit to 11.01 billion rupees, lower than the 14.1 billion-rupee average of 19 analyst estimates compiled by Bloomberg.
Tata Coffee Ltd. (TCO IN) surged by its daily limit of 20 percent to 557.5 rupees, the most in more than four years. Asia’s largest publicly traded grower of the bean signed a non- binding agreement with Starbucks Corp. to supply coffee beans and explore entry by the world’s largest coffee chain into the South Asian country, according to an e-mailed statement.
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