Indian Equities: Bajaj Finserv, Coal India, State Bank of India
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 51.15, or 0.3 percent, to 18,086.20. The BSE 200 Index slid 0.5 percent to 2,240.38.
Bajaj Finserv Ltd. (BJFIN) climbed 5 percent to 521.55 rupees, the most in two months. The financial services company plans to expand its retail wealth management business to as many as 10 Indian cities by the end of the financial year that began April 1, Managing Director Sanjiv Bajaj said in a phone interview. The company also reported fourth-quarter profit jumped.
Coal India Ltd. (COAL) , the world’s largest coal producer, sank 6 percent to 373.7 rupees, the most since its Nov. 4 trading debut, as investors judged a rally that drove the shares to a record as excessive.
“Large institutions are selling the stock after it went into overbought territory,” said Sunil Pachisia, vice president at Mumbai-based brokerage Pratibhuti Viniyog Ltd. Coal India touched 401.40 rupees yesterday, its highest intraday level since listing on Nov 4.
State Bank of India (SBIN) lost 2.4 percent to 2,355.75 rupees, its lowest close in 10 months. The nation’s largest lender’s Chairman Pratip Chaudhuri said loan growth may be restricted if the company faces a cash crunch. The stock was cut to “inline” from “outperform” at Standard Chartered Plc.
Varun Shipping Co. (VRNS IN) surged 5.4 percent to 28.25 rupees, the most since April 7. The company signed a contract with Brazil’s Petrobras for chartering three vessels, it said in a statement to the National Stock Exchange. The initial four- year contract is valued at 6.9 billion rupees.
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