India Equity Movers: BEML, Crisil, DLF, Hathway, Maruti, Tijaria
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.
The BSE India Sensitive Index, or Sensex, advanced 1.2 percent to 17,082.69. The BSE-200 Index added 0.9 percent to 2,090.27.
BEML Ltd. (BEML) climbed 5.3 percent to 514.70 rupees, the most in eight months. The state-run earth-moving equipment maker may win a 13.5 billion rupee ($275 million) order from India’s defense ministry, the Economic Times reported, citing people it didn’t identify.
Coal India Ltd. (COAL) , the world’s largest producer of the fuel, lost 2.9 percent to 322.55 rupees, the lowest close since Oct. 4. Workers at the company may go on strike for three days, demanding an increase of as much as 57 percent in bonus payments, Tapan Sen, general secretary at Centre of Indian Trade Unions, said yesterday in a telephone interview, without giving a date for the strike.
DLF Ltd. (DLFU) , the nation’s biggest real estate developer, tumbled 2.9 percent to 231.60 rupees, the most since Oct. 3. Goldman Sachs Group Inc. and BNP Paribas Securities (Asia) cut their ratings on the stock on concern a recent rally was overdone and the company may post lower operating income.
DLF’s rating was lowered to “neutral” from “buy” at Goldman Sachs, which also removed the stock from its “Asia Pacific Buy List,” according to a note to clients today. It was also downgraded to “reduce” from “hold” at BNP Paribas by analyst Avneesh Sukhija.
Hathway Cable & Datacom Ltd. (HATH IN): India’s largest cable-television operator surged 20 percent to 122.45 rupees, the most on record, after the cabinet yesterday approved a bill that makes it mandatory for TV companies to move to digital broadcast.
Maruti Suzuki India Ltd. (MSIL) , the maker of almost half the cars sold in the country, slumped 2.9 percent to 1,027.25 rupees, the lowest close since June 25, 2009. The company will halt output at its plant in Gurgaon, near New Delhi, on Oct. 14 and 15 after a workers’ strike halted supply of parts, according to an e-mailed statement yesterday. Maruti will not negotiate with employees striking at its Manesar plant until the factory is vacated, the statement said.
SpiceJet Ltd. (SJET) jumped 7.1 percent to 22.55 rupees, the most since Sept. 5. The discount carrier said yesterday it allotted 35.9 million shares at 36.48 rupees apiece to Chairman and controlling shareholder Kalanithi Maran.
Tijaria Polypipes Ltd. (TPOL IN), an Indian maker of plastic pipes, sank 69 percent to 18.6 rupees in its trading debut. The company raised 600 million rupees ($12 million) in an initial public offering, selling shares at 60 rupees apiece.
United Phosphorus Ltd. (UNTP) , an Indian pesticide maker, rallied 7.3 percent to 143.80 rupees, the biggest gain since April 2010. The stock was rated new “buy” at RBS by analyst Atul Rastogi with a price estimate of 160 rupees apiece, according to a note dated Oct. 13. The brokerage also said the company is one of its top picks.
Zenith Infotech Ltd. (ZNI) , an Indian company that maintains computer systems for clients, plummeted 10 percent to 81.85 rupees, the lowest close since December 2005. The company defaulted on $33 million of convertible dollar bonds that matured last month, according to a statement to exchanges yesterday.
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