India Equities: Jaiprakash Power, Mahindra Composite, Unitech
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and share prices are as of 10:01 a.m. local time.
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 58.49, or 0.3 percent, to 18,143.71.
Amtek India Ltd. (AMTK IN) rose 2.9 percent to 121.65 rupees, headed for highest close since Jan. 28. The auto-parts maker reported a 22 percent rise in third-quarter net income from a year earlier.
Jaiprakash Power Ventures Ltd. (JPVL IN) jumped 4.7 percent to 42.65 rupees. The company plans to raise 35 billion rupees ($771 million) from global depository receipts or a follow-on public share sale, Chairman Manoj Gaur said.
Jubilant Life Sciences Ltd. (JOL IN) declined 4.6 percent to 192 rupees, set for its lowest close since July 2009. The drug and chemicals maker plans to borrow $202 million to redeem convertible bonds maturing in May, Executive Director R. Sankaraiah said in a conference call.
Mahindra Composites Ltd. (MCOM IN) advanced 3.7 percent to 63.95 rupees, headed for best close since Jan. 31. The company approved the issue of shares to existing shareholders on a rights basis, the company said in a statement to the Bombay Stock Exchange.
Parsvnath Developers Ltd. (PARSV IN) added 2.4 percent to 29.6 rupees. The New Delhi-based builder of townships and industrial parks reported a 26 percent rise in net income for the third quarter ended December from a year earlier.
Unitech Ltd. (UT IN) fell 5.1 percent to 34.40 rupees, set for its worst close in almost 25 months. India’s second-biggest developer by assets posted a 37 percent slide in third-quarter profit from a year earlier to 1.11 billion rupees as sales declined, according to its statement to the Bombay Stock Exchange.
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