India Equity: Bayer CropScience, Kalpataru, Kingfisher, Tinplate
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, fell 24.83, or 0.1 percent, at 19,420.39. The BSE 200 Index climbed 0.3 percent to 2,384.95, its ninth straight day of advance.
Automakers: Mahindra & Mahindra Ltd. (MM) added 1.4 percent to 710.1 rupees, its highest level in two months, after India’s biggest sport-utility vehicle and tractor maker said it sold 37,522 vehicles last month, compared with 31,698 a year earlier, in an e-mailed statement today.
Maruti Suzuki India Ltd. (MSIL) advanced 1 percent to 1,274.35 rupees, after the nation’s biggest carmaker said total sales climbed 28.2 percent to 121,952 vehicles last month, according to an e-mailed statement today.
Tata Motors Ltd. (TTMT) fell 0.4 percent to 1,242.9 rupees. The nation’s biggest truckmaker said it sold 83,363 vehicles in March, compared with 75,129 a year earlier, according to an e-mailed statement today.
TVS Motor Co. (TVSL IN) increased 3.3 percent to 61.8 rupees, its highest close since Jan. 24, after the two-wheeler maker said total sales rose 28 percent to 191,208 vehicles last month, according to an e-mailed statement today.
Ballarpur Industries Ltd. (BILT) fell 2.8 percent to 35.3 rupees. BILT Paper Plc., a unit of the country’s biggest paper producer, delayed a $330 million initial public offering seeking a higher price after the world’s largest papermaker agreed to buy a local rival at almost thrice its market value.
Bayer CropScience Ltd. (BYRCS IN) rose 2.6 percent to 939.9 rupees, poised for its highest closing price since Dec. 7, after the maker of agrochemicals said it got 2.65 billion rupees in earnest amount from a property developer for 100 acres of land.
Essar Shipping Ports & Logistics Ltd. (ESRS) gained 2.9 percent to 96.85 rupees, its highest price since Feb. 3. India’s largest shipping company by market value was rated “outperform” in new coverage at Credit Suisse Group AG, which cited the growth in traffic at the company’s port business and an expansion of its shipping fleet. The brokerage has a price forecast of 108 rupees.
Hindalco Industries Ltd. (HNDL) advanced 2.4 percent to 214.25 rupees. India’s top aluminum maker signed an accord to borrow 78.75 billion ($1.8 billion) rupees in loans for an aluminum smelter in the state of Madhya Pradesh, according to a statement sent to the National Stock Exchange.
Kalpataru Power Transmission Ltd. (KPP) added 3.4 percent to 139.4 rupees. The maker of transmission line towers won orders valued at 9.5 billion rupees, according to an exchange filing. The company has more than 55 billion rupees of orders at present, the statement said.
Kingfisher Airlines Ltd. (KAIR) surged 10.4 percent to 43.95 rupees. The airline approved allotting 231.9 million shares to a group of lenders on conversion of compulsorily convertible preference shares, it said in a statement to the Bombay Stock Exchange. The paid up share capital of the company will almost double to 4.98 billion rupees after the allotment, according to the statement.
MindTree Ltd. (MTCL) gained 1.2 percent to 405.8 rupees. The software maker named Albert Hieronimus its non-executive chairman after Ashok Soota’s resignation effective yesterday, according to a statement today on the Bombay Stock Exchange.
Mundra Port & Special Economic Zone Ltd. (MSEZ IN) rose 3.3 percent to 141.15 rupees, its highest close since Feb. 25. The largest non-state cargo terminal was raised to “outperform” from “neutral,” at Credit Suisse.
NMDC Ltd. (NMDC) , Asia’s third-largest iron ore miner, jumped 3.8 percent to 295.35 rupees, its highest price since May 12. The company will raise contract prices in the three months through June, Finance Director Swaminathan Thiagarajan said today in a phone interview. A decision on the size of the increase will be taken in the next 10 to 15 days, he said.
The company raised prices by 10 percent for a three-month period starting today, Thiagarajan said in a separate telephone interview today after market.
Reliance Capital Ltd. (RCAPT) jumped 5.3 percent to 614.25 rupees, its highest level since Jan. 13. The financial services company controlled by billionaire Anil Ambani was rated new “overweight” at JPMorgan Chase & Co. The stock was the second-best performer on the BSE200 Index.
Reliance Industries Ltd. (RIL) slid 1.3 percent to 1,035.3 rupees. India may allocate gas from Reliance’s KG-D6 field in favor of industries such as fertilizers and power, the Economic Times reported, citing an oil ministry official it didn’t name. Customers of the Reliance gas field are facing a pro-rata cut in shipments after production fell to 50.5 million cubic meters from more than 52 million cubic meters in early March, the paper said.
Sical Logistics Ltd. (SICL) gained 2.3 percent to 73.85 rupees, its steepest advance since Jan. 3. The cargo transporter allotted 16.1 million shares to Tanglin Retail Reality Developments Pvt. at 76 rupees each.
State Bank of India (SBIN) , the nation’s largest, fell 1.7 percent to 2,719.55 rupees, after about 1.1 million shares, or 0.2 percent of its equity, change hands in two block deals on the National Stock Exchange, according to Bloomberg data. The buyers and sellers weren’t immediately known.
Tinplate Company of India Ltd. (TPC IN) surged 13 percent to 72.6 rupees, its steepest rise since December 2009. Tata Steel Ltd. increased its stake in Tinplate Company to 59.5 percent from 42.9 percent by converting debt into equity, according to a statement today on the Bombay Stock Exchange.
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