India Equity: Dabur, Shalimar, Shriram, State Bank, Reliance
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 207.68, or 1.1 percent, to 18,137.35, its lowest since March 22. The BSE 200 Index declined 1 percent to 2,251.60.
Changes to MSCI indexes: Asian Paints Ltd. (APNT) rose 2 percent to 2,848.85 rupees, its highest in more than four months, and Shriram Transport Finance Co. (SHTF IN) climbed 3.7 percent to 639.1 rupees. The companies are among six stocks that will be added to the MSCI India Index after the close on May 31, index provider MSCI Inc. said in a statement following a review.
Bank of India (BOI) , a state-run lender, increased 2.2 percent to 402.1 rupees. Dabur India Ltd. (DABUR) , a maker of packaged honey, traditional medicine and hair oil, rallied 3.4 percent to 103.65 rupees, its highest in almost a month.
Mundra Port & Special Economic Zone Ltd. (MSEZ IN) jumped 4.1 percent to 144.4 rupees. Titan Industries Ltd. (TTAN) gained 2.3 percent to 4,118.7 rupees, its steepest climb since April 20.
Reliance Industries Ltd. (RIL) dropped 2.6 percent to 920.65 rupees, the lowest in more than three months. India’s biggest company by market value may take three years to drill new wells in the nation’s largest natural gas block, delaying an increase in output of the fuel, according to a report dated yesterday by the Indianpetro website, which didn’t say from where it got the information. Manoj Warrier, a spokesman for Reliance, declined to comment when reached on his mobile phone.
Shalimar Paints Ltd. (SHP) surged 20 percent, its daily limit, to 410.6 rupees, its highest since June 21. The majority shareholders of the Kolkata-based company may seek to sell their entire 62.8 percent stake, the Financial Express reported, without saying where it got the information. Kansai Nerolac Paints Ltd. (KNPL IN) and Sherwin-Williams Co. (SHW IN) are potential buyers, it said. Shalimar Chairman Girish Jhunjhnuwala didn’t respond to calls to his office seeking comment.
State Bank of India (SBIN) plunged 7.7 percent to 2,414.7 rupees, its steepest fall since July 2009. Fourth- quarter net income of the nation’s largest lender dropped 99 percent to the lowest in at least 10 years as it set aside more funds for bad loans.
To contact the reporter on this story: Ameya Karve in Mumbai at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org