India Equity: Bharat Heavy, Mahindra, Jaiprakash Associates
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as the 3:30 p.m. close in Mumbai.
The Bombay Stock Exchange Sensitive Index, or Sensex, rose 281.34, or 1.5 percent, to 19,701.73. The BSE 200 Index climbed 1.4 percent to 2,418.43, its 10th straight day of advance.
Ashok Leyland Ltd. (AL) gained 1 percent to 58.40 rupees, a three-month high. India’s second-biggest commercial vehicle maker targets to sell as many as 120,000 vehicles in the financial year that began April 1 from 94,100 units last year, Managing Director Vinod K. Dasari said in Chennai today.
Bharat Heavy Electricals Ltd. (BHEL) advanced 2.2 percent to 2,173.75 rupees, its highest since Feb. 8. India’s biggest power-equipment maker, said full-year provisional profit jumped 40 percent to 60.2 billion rupees.
The state-run company gives provisional annual earnings in the first week of April every year, before announcing audited fourth-quarter earnings later in the month.
Separately, Chairman B. Prasada Rao said the company plans to partner General Electric Co. to bid for a gas turbine project in Japan.
Compact Disc India Ltd. (CDI) jumped by the daily 20 percent limit to 43.25 rupees. The provider of animation outsourcing services will consider the price of its delisting offer on April 12, according to a statement to the Bombay Stock Exchange on April 1.
DB Realty Ltd. (DBRL) declined 2.7 percent to 113.65 rupees. Shahid Balwa, former managing director of the Indian real estate developer, and Vinod Goenka, its managing director, were among those charged by Indian federal police in a probe into the sale of second-generation mobile phone spectrum on April 2, according to A.K. Singh, a lawyer for India’s Central Bureau of Investigation.
Future Capital Holdings Ltd. (FCHL) surged 9.5 percent to 157.1 rupees, the most in eight months. The unit of India’s biggest publicly traded retailer had about 1.1 percent of its equity, change hands in four trades in Mumbai, data compiled by Bloomberg show. The buyers and sellers weren’t immediately known.
Hero Honda Motors Ltd. (HH) rose 1 percent to 1,617.9 rupees, its highest since Jan. 31. Sales by India’s largest motorcycle maker surged 24 percent to a record 515,852 units last month from a year earlier, it said in an e-mailed statement on April 1.
Jaiprakash Associates Ltd. (JPA) added 3.2 percent to 98.5 rupees, its highest in three months. Indian builder of dams, roads and bridges was rated “buy” in new coverage at UBS Investment Research. The brokerage set a stock price target of 115 rupees.
Lakshmi Machine Works Ltd. (LMW) climbed 2.7 percent to 2,300 rupees, its highest since Jan. 13. Rieter Holding Ltd. said it agreed to sell its 50 percent stake in the Rieter-LMW Machinery Ltd. venture to the Indian textile-machinery maker partner for an undisclosed sum.
Mahindra & Mahindra Ltd. (MM) gained 4.6 percent to 744 rupees, its highest in more than two months. India’s biggest sports-utility vehicle and tractor maker was rated a “buy” in new coverage at Kim Eng Securities India Pvt. by analysts Jigar Shah and Vedant Agarwal.
Mukand Ltd. (MUK) increased 4.8 percent to 48.95 rupees. The maker of wire rods, steel bars and alloy castings said Belgium’s Bekaert NV raised its stake in venture company Mukand Bekaert Wire Industries Pvt., terminating the equal venture partnership, according to a filing to the Bombay Stock Exchange on April 1. Mukand will continue to have one director on the board of the venture company, according to the statement.
National Aluminium Co. (NACL IN) advanced 2.2 percent to 98.3 rupees. The second-biggest maker of the lightweight metal said cast-metal output climbed to a record 443,597 metric tons in the 2010-2011 financial year from 431,488 tons in 2009-10. The company raised prices by 1.8 percent, it said in a statement on its website.
Reliance Communications Ltd. (RCOM) lost 2.4 percent to 109 rupees. Reliance Anil D. Ambani Group Managing Director Gautam Doshi and Senior Vice-Presidents Hari Nair and Surendra Pipara were among those charged by Indian federal police in a probe into the sale of second-generation mobile phone spectrum on April 2, according to A.K. Singh, a lawyer for India’s Central Bureau of Investigation. Reliance Telecom Ltd., a fully owned unit of Reliance Communications, was one of the three companies charged by investigators.
Shiv-Vani Oil & Gas Exploration Services Ltd. (SVOG) soared 3.7 percent to 306.45 rupees, its highest since Jan. 27. The oil exploration and production services provider will consider raising up to 5 billion rupees on April 6.
Shriram Transport Finance Co. (SHTF IN) increased 1.3 percent to 800.25 rupees. Temasek Holdings Pte, Singapore’s state-run investment company, is negotiating with TPG Capital to buy the latter’s 20 percent stake in the truck financier, the Business Standard reported, citing people it didn’t identify.
Temasek declined to comment in an e-mailed statement. Two calls made to Shriram Transport’s Managing Director R. Sridhar’s office phone number and an e-mail to him seeking comments on the report weren’t answered.
Unitech Ltd. (UT) slid 1.7 percent to 41.25 rupees. Sanjay Chandra, managing director of India’s second-biggest real estate developer, was among those charged by Indian federal police in a probe into the sale of second-generation mobile phone spectrum on April 2, according to A.K. Singh, a lawyer for India’s Central Bureau of Investigation.
United Spirits Ltd. (UNSP) gained 3.3 percent to 1,082.1 rupees, the most in more than a month. India’s top liquor maker has acquired a 41.54 percent stake in Sovereign Distilleries for an undisclosed sum, according to a statement to the Bombay Stock Exchange.
Wipro Ltd. (WPRO) added 1 percent to 481 rupees. India’s third-largest software exporter agreed to acquire SAIC Inc.’s information technology unit, that provides services to oil and gas companies, for $150 million in cash, according to a stock exchange filing.
-- With assistance from Hemal Savai in Mumbai. Editor: Ravil Shirodkar
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