Indian Equity Movers: Rice Shippers, Development Credit, Patel
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 10:09 a.m. local time.
The BSE India Sensitive Index, or Sensex, added 0.7 percent to 17,078.37. The BSE200 Index rose 0.7 percent to 2,094.46.
Kohinoor rallied 6.8 percent to 46.40 rupees, set for the biggest gain in five weeks. LT Foods Ltd. (LTFO) climbed 4.1 percent to 45.55 rupees, while KRBL Ltd. (KRB) jumped 2.5 percent to 26.60 rupees. November-delivery rice futures rose by the 50-cent limit on the Chicago Board of Trade yesterday, advancing 3.1 percent to $16.48 per 100 pounds, the highest level since Sept. 27.
Bajaj Corp. (BJCOR IN) gained 2.5 percent to 104 rupees, headed for the biggest advance since Sept. 28, after saying second-quarter profit nearly doubled to 287.5 million rupees.
Development Credit Bank Ltd. (DEVB) rallied 8.2 percent to 44.05 rupees, set for the biggest gain in almost six months, after saying second-quarter profit nearly tripled to 133.3 million rupees.
Kingfisher Airlines Ltd. (KAIR) climbed 3.9 percent to 21.60 rupees. The company has asked its lessors to release $200 million of safety deposits to help it repay debt, Ravi Nedungadi, chief financial officer of parent UB Group, told reporters in New Delhi. Kingfisher will provide bank lines of credit in place of the cash, he said.
Patel Engineering Ltd. (PEC) , an Indian construction company, jumped 3.4 percent to 102.65 rupees. The company expects profit at its real estate unit to double this year on rising demand for homes in India, Managing Director Rupen Patel said in an interview.
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