India Equity: Oil & Natural Gas, Andhra Pradesh Paper, Srei
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and levels are as of the 3:30 p.m. close in Mumbai.
The Bombay Stock Exchange Sensitive Index, or Sensex, rose 177.70, or 0.9 percent, to 19,120.80, its highest level since Jan. 24. The BSE 200 Index climbed 0.8 percent to 2,341.59. Both the gauges gained for the sixth straight trading session.
Oil companies: Oil & Natural Gas Corp. (ONGC IN) advanced 1.7 percent to 283.85 rupees, its highest price since Feb. 7. India’s biggest energy explorer secured 10 fields, the most, in the ninth auction of oil and gas assets held by the government.
Reliance Industries Ltd. (RIL) , the nation’s largest company by market value was allotted two blocks in the auction. The stock closed down 0.3 percent at 1,022.75 rupees.
Andhra Pradesh Paper Mills (APPM) Ltd advanced 7.3 percent to 197.45 rupees, its highest level since Sept. 27. International Paper Co. agreed to buy 53.5 percent of the company for $257 million in cash, or 544 rupees a share, plus a $62 million non-compete payment to the sellers, the U.S. company said in a statement after trading ended.
Net 4 India Ltd. (NET4) (NET4 IN) gained 3.3 percent to 128 rupees, its highest price since Nov. 12. The Internet protocol communication services provider plans to buy a majority stake in Pipetel Communications for 41.6 million rupees, according to a statement to the Bombay Stock Exchange.
NHPC Ltd. (NHPC) increased 1.3 percent to 23.65 rupees. The hydroelectric power producer had 9.07 million shares changing hands at an average price of 23.75 rupees and 4.86 million shares changing hands at an average 23.7 rupees, in two separate transactions on the Bombay Stock Exchange, according to Bloomberg data. Buyers and sellers weren’t immediately known.
Srei Infrastructure Finance Ltd. (SREI) climbed 4.6 percent to 45.95 rupees, its highest close since Feb. 7, after the Reserve Bank of India yesterday classified it as an infrastructure finance company. The company that finances infrastructure equipment, projects and renewable energy products was the best performer on the BSE 500 Index.
To contact the reporter on this story: Ameya Karve in Mumbai at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com