Indian Equity Movers: Refiners, Mukand, NMDC, OnMobile, Suzlon
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of the 3:30 p.m. close in Mumbai.
India’s Bombay Stock Exchange Sensitive Index, or Sensex, retreated 2.2 percent to 17,305.87. The BSE200 Index lost 2.1 percent to 2,153.66.
Refiners: Hindustan Petroleum Corp. (HPCL IN) climbed 3.1 percent to 404.45 rupees, leading gains among peers, as Finance Minister Pranab Mukherjee signaled ending subsidies on diesel used by cars yesterday. Bharat Petroleum Corp. (BPCL IN) gained 2 percent to 702.3 rupees while Indian Oil Corp. (IOCL IN), the nation’s biggest refiner, advanced 1.1 percent to 333.05 rupees.
State-run refiners sell diesel, kerosene and cooking gas below cost to help curb inflation in the world’s second-fastest growing major economy.
Federal Bank Ltd. (FB) dropped 2.9 percent to 390.25 rupees, its lowest in more than four months. The lender said it may be affected by an employee strike today, according to a statement to BSE Ltd.
Mukand Ltd. (MUK) sank 6.9 percent to 37 rupees, the most since July 16, 2009. The maker of wire rods, steel bars and alloy castings said an order by India’s Supreme Court to halt mining in Karnataka state’s biggest ore-producing area will affect its plant in Hospet in southern India, according to a statement to BSE Ltd.
NMDC Ltd. (NMDC) increased 3.6 percent to 247.55 rupees, the most in a month. India’s Supreme Court allowed the biggest iron-ore producer to mine 1 million metric tons of iron ore a month from its Bellary mines in Karnataka.
OnMobile Global Ltd. (ONMB) tumbled 15 percent to a record 74.40 rupees. The supplier of ringtones and gaming applications to mobile-phone service providers reported first- quarter profit fell 31 percent to 127.8 million rupees from 185.8 million rupees a year earlier.
Suzlon Energy Ltd. (SUEL) : declined 6.1 percent to 48.6 rupees, the most since June 20. Asia’s third-biggest wind- turbine maker said it was fined $490,000 for pollution violations at its plant in Minnesota.
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