India Stocks: India Infoline, Mastek, Reliance, Time Technoplast
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 176.42, or 1 percent, to 18,132.24, the lowest level since May 26. The BSE 200 Index retreated 0.9 percent to 2,259.94.
India Infoline Ltd. (IIFL) , an investment adviser, rose 3 percent to 87.5 rupees, the highest in more than six months. About 5.7 million shares, or 1.9 percent of the equity, traded in two separate transactions on the Bombay and National stock exchanges at an average price of 88 rupees apiece. Buyers and sellers weren’t immediately known.
Mastek Ltd. (MAST) jumped 7.4 percent to 114.3 rupees, its highest since April 29. The software solutions provider said its unit signed a multiyear agreement for information technology services in the U.K. with an initial minimum commitment of 8 million pounds ($13 million).
Reliance Industries Ltd. (RIL) , India’s most valuable company, slid 1.2 percent to 900.55 rupees, its lowest in more than four months. Niko Resources Ltd. reduced its forecast for the quantity of gas likely to be drawn from the offshore KG-D6 block it’s developing with Reliance, the Financial Express reported, citing a Credit Suisse report. Niko cut its estimate of probable assets by 17 percent from a year earlier, the report said.
Tata Motors Ltd. (TTMT) gained 1 percent to 994.15 rupees, the steepest advance this month. Global group sales of India’s biggest truckmaker rose 11 percent in May to 88,251 vehicles, according to an e-mailed statement. Separately, the company may raise about $500 million in external commercial bonds to reduce debt, two bankers familiar with the matter said, declining to be identified as the information is private.
Time Technoplast Ltd. (TIME) , a maker of polymer products, climbed 5.3 percent to 65.2 rupees, its highest since September 2008. About 4.5 million shares of the company, or 2.1 percent of its equity, changed hands in ten different transactions on the Bombay and National stock exchanges. Buyers and sellers weren’t immediately known.
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