India Equity: Cairn, Gitanjali, Mahindra, Sun Pharmaceutical
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, lost 34.04, or 0.2 percent, to 18,232.06, snapping two days of gains. The BSE 200 Index increased 0.3 percent to 2,265.62.
Cairn India Ltd. (CAIR) declined 2.5 percent to 338.2 rupees, its steepest fall since May 6. Vedanta Resources Plc’s proposed $9.4 billion takeover of Cairn India Ltd. was recommended for Indian Cabinet approval with conditions, two people with knowledge of the matter said. The recommendation will be sent to a cabinet panel within two weeks, India’s Oil Minister S. Jaipal Reddy said.
Gitanjali Gems Ltd. (GITG) gained 3.8 percent to 279.05 rupees, the highest since April 8. The owner of jewelry brands Nakshtra, Gili and Asmi may raise as much as $250 million by selling debt that can be converted into equity, according to an exchange filing.
Jagran Prakashan Ltd. (JAGP) advanced 2.8 percent to 123.35 rupees, the highest in more than a month. The newspaper publisher’s net income for the three months ended March 31 rose 16 percent to 420.8 million rupees, according to an exchange filing.
Lanco Infratech Ltd. (LANCI) retreated 2.1 percent to 33.15 rupees, its biggest fall in a week. The infrastructure company’s group net income for the year ended March 31 fell 3 percent to 4.46 billion rupees ($99 million), according to an exchange filing before the market opened.
Mahindra & Mahindra Ltd. (MM) tumbled 5.9 percent to 663.05 rupees, its steepest decline since Feb. 8. India’s largest maker of sport-utility vehicles and tractors, reported fourth-quarter profit rose 6.5 percent to 6.07 billion rupees, missing analyst estimates. Rising raw material costs eroded gains from higher sales.
Navin Fluorine International Ltd. (NFIL) advanced 2.8 percent to 288.7 rupees, the highest in more than four months. The maker of industrial gases used in refrigerators won an additional 1.8 million carbon credits from the United Nations, according to the website of the UN Clean Development Mechanism.
Neyveli Lignite Corp. (NLC IN) climbed 1.7 percent to 103.75 rupees, the highest in more than a week. The state-run power producer plans capital expenditure of 16 billion rupees in the financial year that began April 1, Chairman A.R. Ansari said in the southern Indian city of Chennai.
NMDC Ltd. (NMDC) rose 3 percent to 266.1 rupees, the highest in almost three weeks. India’s largest iron ore miner said fourth-quarter profit almost doubled, in line with analyst estimates, as prices surged. Separately, Chairman Rana Som announced plans to acquire a 50 percent stake in Minemakers Ltd.’s phosphate mine in Australia.
Sun Pharmaceutical Industries Ltd. (SUNP) jumped 4.4 percent to 464.4 rupees, the highest in four weeks. India’s largest drugmaker by market value said fourth-quarter profit rose 12 percent, beating analyst estimates, as sales at its Taro Pharmaceutical Industries Ltd. unit rose.
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