India Equity Movers: Chennai Petroleum, Larsen, OnMobile, UTV
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of 9:21 a.m. in Mumbai.
The Bombay Stock Exchange Sensitive Index, or Sensex, increased 109.40, or 0.6 percent, to 18,332.1, its steepest rise in a week.
Chennai Petroleum Corp. (MRL IN) rose 1.6 percent to 194 rupees, set for its best close since Feb. 22. The unit of India’s biggest refiner Indian Oil Corp. will invest 123.4 billion rupees ($2.74 billion) in the next five years to expand its refinery in Manali in the southern Tamil Nadu state to 17 million tons a year from 10.5 million tons a year, the Wall Street Journal reported, citing Finance Director N.C. Sridharan. Sridharan couldn’t immediately be reached at his office telephone for comment on the report.
DLF Ltd. (DLFU) gained 1.1 percent to 220.8 rupees, on course for its steepest advance in a week. India’s biggest developer was raised to “hold” from “reduce” by Sandeep Mathew and Avneesh Sukhija, analysts at BNP Paribas SA, who wrote in a note to investors that recovery in the company’s office markets appears to be “on track.”
Larsen & Toubro Ltd. (LT) added 1.2 percent to 1588.9 rupees. Restructuring at India’s top engineering company is likely to be completed by March 2012, Bloomberg UTV television channel reported today, citing Chairman A.M. Naik.
OnMobile Global Ltd. (ONMB) climbed 3 percent to 223.25 rupees, headed for its highest close since Feb. 17. The supplier of ringtones for mobile-phone service providers will give one free stock for each held by shareholders, according to a statement to the stock exchange.
PTC India Ltd. (PTCIN) advanced 1.1 percent to 90.45 rupees. India’s biggest power trader agreed to purchase 100 megawatts of electricity on a long-term basis from Torrent Power Ltd., the company said in an e-mailed statement yesterday.
Separately, unit PTC India Financial Services Ltd. plans to raise about 4.5 billion rupees in an initial share sale and get 1 billion rupees selling infrastructure bonds, Chairman Tantra Narayan Thakur said in Mumbai yesterday.
UTV Software Communications Ltd. (UTV) rose 2.8 percent to 550.55 rupees, on course for its best close in about two months. The media company backed by Walt Disney Co. may sell its 56 percent stake in Indiagames for as much as 2.4 billion rupees to a U.S. company or a venture capital fund, the Economic Times reported, citing an official it didn’t identify. UTV Software’s Chief Financial Officer Rajeev Wagle couldn’t immediately be reached at his office telephone for comment on the report.
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