India Equity: Dr Reddy’s, Hathway Cables, Infosys, Suzlon Energy
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share levels are as of the 3:30 p.m. close in Mumbai. The markets were shut yesterday for a public holiday.
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 310.04, or 1.6 percent, to 19,386.82. The gauge declined 0.3 percent this week, its first retreat for the period after three straight weeks of advances.
The BSE 200 Index dropped 1.2 percent to 2,397.24. The gauge fell 0.2 percent this week, also its first retreat since three straight weeks of gains.
Ahluwalia Contracts Ltd. (AHLU) gained 1.7 percent to 136.5 rupees, its highest close in more than two months. The real estate construction company won orders worth 5.35 billion rupees ($120 million) in the fiscal fourth quarter to build homes, hotels and commercial buildings, according to an e-mailed statement.
Dr. Reddy’s Laboratories Ltd. (DRRD IN) rose 1.1 percent to 1,654.25 rupees, its highest level since Jan. 20. The nation’s second-biggest drugmaker launched its over-the-counter Fexofenadine HCL tablets in the U.S. after approval from the Food & Drug Administration, the company said in a statement.
GlaxoSmithKline Pharmaceuticals Ltd. (GLXO) declined 1.4 percent to 2,104.9 rupees. The Supreme Court of India has asked the drugmaker to pay 712.1 million rupees to the government in a dispute over the pricing of a drug. The company is “reviewing the contents of the judgment,” it said in a statement to the exchange on April 13.
Hathway Cables & Datacom Ltd. (HATH IN) surged 11 percent to 119.25 rupees, a record since its trading debut in February 2010, after the government set a deadline for Indian cable TV companies’ customers to compulsorily move to digital broadcast.
DEN Networks Ltd. (DEN) jumped 5.3 percent to 96.75 rupees, its highest price since March 22.
Infosys Technologies Ltd. (INFO) plunged 9.6 percent to 2,989.5 rupees, its steepest decline in almost 11 months. India’s second-largest software exporter reported group profit of 18.2 billion rupees for the quarter ended March 31. Analysts surveyed by Bloomberg had estimated profit of 18.9 billion rupees on average.
Satyam Computer Services Ltd. (SCS) added 1.6 percent to 77.5 rupees, its highest close since Nov. 15. The Indian software exporter won a contract from Qatar University, according to a stock exchange filing, which gave no details.
Suzlon Energy Ltd. (SUEL) slid 3.7 percent to 54.15 rupees, its steepest decline since Feb. 18. India’s biggest wind-turbine maker was cut to “Neutral” from “Overweight” by Shilpa Krishnan, an analyst at JPMorgan. The 12-month target price is INR 60 per share.
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