India Equity: Aditya Birla Chemicals, Kanoria Chemicals, Infosys
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 Bombay Stock Exchange Sensitive Index, or Sensex, declined 295.65, or 1.5 percent, to 19,091.17, its lowest level since March 28. The BSE 200 Index retreated 1.4 percent to 2,363.46.
Aditya Birla Chemicals India Ltd. (ABCH) climbed 2.3 percent to 138.4 rupees, its highest close since Feb. 4. The maker of chemical products such as peroxides and phosphates approved the acquisition of Kanoria Chemicals & Industries (KC) Ltd.’s chloro chemicals division for 8.3 billion rupees ($187 million), according to an e-mailed statement April 16. Kanoria Chemicals surged by its daily 20 percent limit to 49.45 rupees, its highest level since January 2008.
Everonn Education Ltd. (EEDU) added 1.7 percent to 680.35 rupees, its highest price since Jan. 3. The company, which offers educational and training services, formed a venture with National Skill Development Corp., according to a statement issued today.
Hotel Leela Venture Ltd. (LELA) rose 3.7 percent to 42.65 rupees, the highest level since Jan. 25. The hotel chain operator plans to complete a stake sale to private equity investors in six to eight weeks, Managing Director Vivek Nair said in New Delhi today. The company plans to halve its debt to 19 billion rupees after raising funds, Nair said.
Infosys Technologies Ltd. (INFO) dropped 2.8 percent to 2906.1 rupees, its lowest close since Sept. 9. The second- largest software services provider was reduced to “neutral” from “outperform” at Credit Suisse Group AG, which cited the company’s “disappointing” quarterly results and its “poor margin guidance.” The brokerage cut its share-price forecast to 3,400 rupees from 4,050 rupees, analysts led by Bhuvnesh Singh wrote in a report today.
Tera Software Ltd. (TERA) increased 1.5 percent to 53.7 rupees. The Indian technology company won a 120 million rupees order from the country’s first nationwide identity card project, it said in an exchange filing.
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