India Equity Movers: Blue Dart, Cairn, Sesa Goa, Maruti Suzuki
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 21.02, or 0.1 percent, to 19,591.18. The BSE 200 Index rose 0.1 percent to 2,424.08.
Blue Dart Express Ltd. (BDE) , the courier company controlled by DHL Worldwide Express, surged by the 20 percent daily limit to a record 1,334.95 rupees on speculation the parent may buy the rest of the company it doesn’t own.
DHL doesn’t comment on “market speculation and rumors,” spokeswoman Belinda Tan said in an e-mailed response.
Cairn India Ltd. (CAIR) fell 1.9 percent to 343.95 rupees, its lowest close since March 16. India will refer a proposal by Vedanta Resources Plc to acquire a stake in Cairn India Ltd. to a panel of ministers, Petroleum Minister S. Jaipal Reddy told reporters in New Delhi yesterday after trading ended. Vedanta unit Sesa Goa Ltd. (SESA) , which has offered to buy 20 percent of Cairn India, declined 3.1 percent to 315.8 rupees, its steepest fall since March 15.
Indian Hotels Co. Ltd. (IH IN) jumped 6.8 percent to 91.85 rupees, a two-month high. The owner of the Taj group of hotels plans to introduce a new brand of mid-range hotels this year, Press Trust of India reported after trading ended yesterday, citing Raymond Bickson, the company’s managing director.
Bickson couldn’t immediately be reached at his office telephone for comment on the report.
Infinite Computer Solutions (India) Ltd. (ICSL IN) soared 10 percent to 186.65 rupees, its highest advance since May 12. The software developer will consider a proposal to buy back stock from existing shareholders at a meeting on April 11.
Magma Fincorp Ltd. (MGMA) rose 2.8 percent to 64 rupees, its highest close since Jan. 27. The lender for commercial vehicle purchases has received regulatory clearance to start a general insurance venture, the Press Trust of India reported, citing Chief Executive Officer Swaraj Krishnan.
Krishnan couldn’t immediately be reached at his office telephone for comment on the report.
Maruti Suzuki India Ltd. (MSIL) retreated 1.5 percent to 1,278.25 rupees. The nation’s biggest carmaker will recall 13,157 diesel cars with engines manufactured between Nov. 13 and Dec. 4, 2010, to inspect the connecting rod bolt, according to an e-mailed statement.
Chief Financial Officer Ajay Seth said in a phone interview yesterday that the company will raise spending 33 percent this year to expand capacity and develop models to fend off competition from Hyundai Motor Co. and Toyota Motor Corp.
Persistent Systems Ltd. (PSYS) increased 1.6 percent to 413 rupees, its highest price since Jan. 20. The software company entered into a venture agreement with Sprint Nextel Corp. to provide internet and managed network services in the South Asian nation, according to a statement on the National Stock Exchange today. Sprint will own 74 percent stake in the venture.
Spanco Ltd. (SPAN) rallied 3.5 percent to 161 rupees, its highest price since Jan. 13, after saying a group led by the company won a project worth 610 million rupees ($13.8 million).
Unichem Laboratories Ltd. (UL) climbed 4.5 percent to 203.2 rupees, its highest close since Feb. 4. The drugmaker received an approval from the U.S. Food and Drug Administration for divalproex sodium tablets, according to a stock exchange filing.
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