India Equity: Cox & Kings, Exide, ICICI, Oil & Natural, Wipro
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the 3:30 p.m. close in Mumbai, unless stated otherwise.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, lost 156.67, or 0.8 percent, to 19,292.02, its lowest closing level in more than a week. The BSE 200 Index also dropped 0.8 percent to 2,383.2.
Bharat Heavy Electricals Ltd. (BHEL) retreated 1.3 percent to 1,990.4 rupees, the lowest close in more than a month. India’s biggest power-equipment maker was cut to “hold” from “buy” at Citigroup Inc. Analysts led by Venkatesh Balasubramaniam at the brokerage unit of the U.S. bank reduced the share-price estimate to 2,202 rupees from 2,785 rupees.
Cox & Kings Ltd. (COXK) rose 4 percent to 428.7 rupees, its biggest advance in more than three weeks. The tour operator’s board approved splitting each share of the company into two, according to an exchange filing yesterday.
Exide Industries Ltd. (EXID) surged 7.2 percent to 150.45 rupees, its steepest climb since November 2009. Net income at India’s largest maker of automotive batteries for the three months ended March 31 rose 22 percent to 1.64 billion rupees ($37 million), according to an exchange filing yesterday.
ICICI Bank Ltd. (ICICIBC) increased 1 percent to 1,117.5 rupees, its sharpest jump in more than a week. Fourth-quarter profit at India’s second-largest lender jumped 44 percent to a record as lending and fee income climbed and the company set aside less money to cover bad debts.
Kesoram Industries Ltd. (KSI) tumbled 5 percent to 216.9 rupees, its lowest level in almost a month. The tire and cement maker swung to a loss of 1.98 billion rupees in the three months ended March 31 compared with a net income of 260.9 million rupees a year earlier.
Oil & Natural Gas Corp. (ONGC IN) rose 2 percent to 317.75 rupees, the highest close since Jan. 4. The country’s largest state-owned explorer notified two discoveries in Vadtal and North Kadi, according to an e-mailed statement yesterday. Production rose to 62.03 million metric tons of oil equivalent in the year ended March 31 from 60.93 million tons a year earlier, it said in the statement.
Reliance Industries Ltd. (RIL) , the country’s biggest listed firm by market value, fell 1.4 percent to 972.4 rupees, the lowest level in almost two months. India’s government called a meeting next week to find out why gas output from the company’s KG-D6 block has fallen, the Press Trust of India reported, citing Oil Secretary S. Sundareshan.
United Breweries Ltd. (UBBL) advanced 1 percent to 469.7 rupees, its highest close in two weeks. Net income at the owner of India’s biggest beer brand increased 53 percent to 400.9 million rupees in the quarter to March 31, according to an exchange filing.
Vijaya Bank (VJYBK) Ltd sank 5.7 percent to 85.75 rupees, the steepest drop in more than five months. Net income of the lender for the three months ended March 31 more than halved to 542.3 million rupees, according to an exchange filing.
Wipro Ltd. (WPRO) dropped 1 percent to 446.6 rupees, its lowest close in more than a week. The nation’s third-largest software exporter was downgraded to “underperform” from “outperform” by Shradha Agarwal, an analyst at Batlivala & Karani Securities. The 12-month target price was lowered to 450 rupees per share.
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