India Equity Movers: Ashok Leyland, Jet Air, Oil & Natural Gas
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.
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 65.33, or 0.4 percent, to 18,469.36 its lowest closing level in more than a month. The BSE 200 Index declined 0.5 percent to 2,281.10. The two indexes dropped for the eighth straight day,
Ashok Leyland Ltd. (AL) retreated 1.7 percent to 48.5 rupees, its lowest level in more than two months. The truckmaker sold 5,543 vehicles in April, a drop of 15 percent from the previous year, according to an e-mailed statement.
Finolex Cables Ltd. (FNXC) gained 1.6 percent to 51.1 rupees, snapping a four-day decline. The cable maker will stop making polyvinyl chloride sheets, a lossmaking business, according to a statement sent to the National Stock Exchange.
Hero Honda Motors Ltd. (HH) declined 3.5 percent to 1,598.7 rupees, its lowest close in more than a month. The nation’s largest two-wheeler maker missed earnings estimates for a fourth straight quarter as higher raw material prices eroded gains from record sales.
Jet Airways (India) Ltd. (JETIN IN) plunged 4.9 percent to 447.1 rupees, its lowest price in more than a month. An Indian court asked the nation’s biggest airline to pay 4.78 billion rupees to Sahara Group within two weeks for payment default on the acquisition of Air Sahara, the Press Trust of India reported today, without saying where it got the information.
Kavveri Telecom Products Ltd. (KTPL) increased 1.5 percent to 123.1 rupees, the steepest advance since April 13. The supplier of equipment to Ericsson AB and Vodafone Group Plc got a 750 million rupees order from a European company, according to an exchange filing.
New Delhi Television Ltd. (NDTV) dropped 1.3 percent to 66.1 rupees, the lowest close in more than a week. The broadcaster swung to a loss of 608 million rupees in the three months ended March 31 from a net income of 2.1 billion rupees a year earlier, according to an exchange filing.
Oil & Natural Gas Corp. (ONGC IN) jumped 5.3 percent to 309.65 rupees, the steepest climb in more than 10 months. India’s biggest energy explorer is in talks to acquire oil sands reserves in Canada and may increase its investments in Kazakhstan to help offset declining production, Chairman and Managing Director A.K. Hazarika said in an interview at his office in New Delhi yesterday.
Punjab National Bank Ltd. (PNB) added 2.3 percent to 1,116.9 rupees, the biggest gain in more than a month. The government-controlled lender posted a 5.3 percent rise in its net income for the three months ended March to 12 billion rupees, according to an exchange filing.
Thermax Ltd. (TMX) , a power-equipment maker, slid 4.2 percent to 613.3 rupees, its fourth day of decline, on concern higher borrowing costs may slow the pace of new orders.
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