Indian Equity Movers: Indiabulls Power, JM Financial, Rallis
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 10:27 a.m. local time.
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, rose 1.2 percent to 18,665.06. The BSE200 Index added 1.1 percent to 2,311.55.
GTL Infrastructure Ltd. (GTLI) gained 5 percent to 14.65 rupees, set for its biggest gain in three weeks. The telecom infrastructure company’s board approved a proposal to restructure its debt, while Chief Executive A. Ravi resigned, citing personal reasons, it said in an exchange filing.
Indiabulls Power Ltd. (IBPOW) , an Indian utility, advanced 6.3 percent to 18.40 rupees, on course for the steepest climb since March 18. The company will consider a merger with Indiabulls Infrastructure Development Ltd., a unit of group company Indiabulls Real Estate Ltd. (IBREL IN), according to an exchange filing after the markets closed yesterday.
JM Financial Ltd. (JM) climbed 2.9 percent to 23.30 rupees. HSBC Holdings Plc. has sold its unsecured written-off personal loan and credit-card portfolio in India to the financial services company for 467 million rupees ($10.5 million).
Rallis India Ltd. (RALI) , an agrochemicals maker controlled by the Tata Group, climbed 7.3 percent to 155.7 rupees, headed for the biggest gain since July 2010. The company’s profit in the three months ended June almost doubled to 276.5 million rupees, it said in an exchange filing yesterday after markets closed.
Titan Industries Ltd. (TTAN) dropped 1.1 percent to 220.6 rupees. The watchmaker was downgraded to “underweight” from “neutral” at JPMorgan Chase & Co. by equity analyst Latika Chopra.
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