Indian Equity Movers: Castrol, SKS Microfinance, Grasim, Wipro
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 3:30 a.m. local time.
India’s Bombay Stock Exchange Sensitive Index, or Sensex, added 195.49, or 1.1 percent, to 18,531.28. The BSE200 Index climbed 1.1 percent to 2,293.15.
Castrol (India) Ltd. (CSTRL IN) surged 11.4 percent to 516.05 rupees, the most in more than three years. The founders are considering buying back their stake in the company to delist the stock from exchanges, ET Now television reported today, citing NewsWire18 news agency.
Coal India Ltd. (COAL) , the biggest producer of the fuel, gained 1.3 percent to 386.85 rupees. The company posted a profit of 46.9 billion rupees on a standalone basis for the year ended March 31, compared with 37.8 billion rupees in the previous period, according to an exchange filing.
Grasim Industries Ltd. (GRASIM) advanced 1.9 percent to 2,350 rupees, the most since April 4. The world’s largest maker of viscose staple fiber was increased to “buy” from “hold” at BNP Paribas, which cited the strength in the prices of the fiber. The firm raised its share-price forecast to 2,800 rupees from 2,404 rupees, analysts led by Lakshminarayana Ganti wrote in a report.
Mahanagar Telephone Nigam (MTNL) Ltd lost 1.7 percent to 44.6 rupees, the most in more than a week. The state telecom company reported a fourth-quarter loss of 11 billion rupees, it said in an exchange filing.
Siemens India Ltd. (SIEM) rose 1 percent to 872.7 rupees, its highest since April 13. The unit of Europe’s largest engineering company posted a second-quarter profit of 2.78 billion rupees, compared with 1.81 billion rupees a year earlier. Analysts surveyed by Bloomberg had estimated a profit of 2.29 billion rupees.
SKS Microfinance Ltd. (SKSM) rallied 5 percent to 379.45 rupees, gaining for a fourth day and its highest in a week. India’s Supreme Court admitted a petition by the company against an act by the government of the state of Andhra Pradesh that seeks to regulate money lending, SKS said in an e-mailed statement.
Wipro Ltd. (WPRO) , the nation’s third-biggest software services exporter, climbed 2.1 percent to 442.55 rupees, its highest since May 2. Wipro plans to sell some of its brands in non-core businesses like edible oil and diapers, the Economic Times newspaper reported, citing people it didn’t identify. Vineet Agrawal, president of the consumer case business at Wipro, didn’t immediately respond to a phone call and an e-mail.
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