India Equity Movers: Godrej Consumer, Persistent, Phoenix Mills
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, unless otherwise stated.
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 17.59, or 0.1 percent, to 18,726.97. The BSE 200 Index declined 0.1 percent to 2,319.28.
Godrej Consumer Products Ltd. (GCPL) added 1.9 percent to 446.5 rupees, its highest level since September 2010. The Indian consumer company may buy a stake in a local venture between U.S.-based chocolate and confectionery maker Hershey Co. and the Godrej Group, the Economic Times reported without saying where it got the information. Hershey will sell its 51 percent stake to Godrej Consumer for an undisclosed amount, the report said. Adi Godrej, chairman of Godrej Consumer, declined to comment on what he called “market speculation,” according to an e-mailed statement.
Idea Cellular Ltd. (IDEA) increased 2 percent to 78.5 rupees, the most in a week. India’s Telecom Disputes Settlement and Appellate Tribunal halted the government from imposing a fine of 2.5 billion rupees ($56 million) on Idea Cellular for overlapping wireless permits following a planned merger with Spice Communications Ltd.
Persistent Systems Ltd. (PSYS) rose 2.8 percent to 377.85 rupees, its highest level since June 10. The Indian software company gained after Credit Suisse said in a note that it is “most bullish” on the company among mid-capitalization software companies. Credit Suisse has an “outperform” rating on the company with a stock-price target of 450 rupees.
Phoenix Mills Ltd. (PHNX) gained 3 percent to 200.05 rupees, the most since April 6. The developer is planning to expand by setting up shopping malls in major cities like Mumbai, Bangalore and Chennai by March 2012, the Business Standard reported citing managing director Atul Ruia.
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