India Equity Movers: OnMobile, Piramal Life, Reliance Industries
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the 3:30 p.m. close in Mumbai.
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 271.06, or 1.5 percent, to 17,878.81. The benchmark gauge fell for a second week, declining 1.6 percent.
Dolphin Offshore Enterprises (India) Ltd. (DOEI IN) rose 2.2 percent to 144.35 rupees. The provider of underwater services to the offshore oil and gas industry won a contract valued at 580 million rupees ($12.9 million) from Shipping Corp. of India Ltd., according to stock exchange filing.
OnMobile Global Ltd. (ONMB) surged 7.9 percent to 250.75 rupees, its highest close since Jan. 27. The mobile-phone ring- tone supplier is in talks with Tata Consultancy Services Ltd. for a potential stake sale, CNBC-TV18 television channel reported today.
“We will not speculate on market rumors,” said Ratnesh Sharma, vice president of marketing at OnMobile, when contacted for a comment on the report.
Piramal Life Sciences Ltd. (PLSL) , a pharmaceutical research company, soared by a record 20 percent, its daily trading limit, of 122.4 rupees, after a founder, Paramount Pharma Pvt., began increasing its stake.
Reliance Industries Ltd. (RIL) dropped 3.7 percent to 993 rupees, its steepest decline since April 28, after an industry website reported that natural gas production may decline at an offshore field operated by India’s largest company by market value. The expected production figures in media reports today are “purely provisional” and may change, according to a statement on the Bombay Stock Exchange after the close.
Sundram Fasteners Ltd. (SF) increased 1 percent to 47.50 rupees. The maker of nuts, bolts and fasteners will increase capital spending by a third to 2 billion rupees in 2011-2012 from this year to develop products for the wind energy and automotive industries, the Economic Times reported, citing Chairman Suresh Krishna.
Krishna wasn’t immediately available at his office telephone for comment on the report.
Techno Electric & Engineering Co. (TEEC IN), an services provider to power producers, jumped 5.5 percent to 221.9 rupees, the most since Feb. 17. The company expects to win an order of as much as 1.5 billion rupees ($33.3 million) from an operator of the nation’s largest transmission network, Pradeep Lohia, president, finance, said in a phone interview today.
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