Indian Equities: Jaypee, NIIT, Oberoi, Reliance, Tata Motors
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, slid 0.3 percent to 17,025.09. The BSE200 Index lost 0.3 percent to 2,084.28.
Hindustan Construction Ltd. (HCC IN) dropped 3 percent to 27.45 rupees, the most two weeks. India’s environment ministry, in a statement on its website on Oct. 14, denied approving HCC unit Lavasa Corp.’s hill-station township project near the city of Pune, saying the company is yet to meet the government’s “pre-conditions.”
Indian Oil Corp. (IOCL IN) lost 4 percent to 292.85 rupees, the lowest price since Apr. 29. The largest refiner cut the price of jet fuel in Mumbai to 59,021 rupees a kiloliter starting Oct. 16, from 59,359 rupees a kiloliter as of Oct. 1.
IRB Infrastructure Developers Ltd. (IRB) gained 1.7 percent to 172.8 rupees after the stock was rated new “buy” at Tata Securities by analyst Niraj Agarwalla on Oct. 14. The 12- month price estimate is 195 rupees.
Separately, about 12.3 million shares changed hands in two block deals today, data compiled by Bloomberg show. Buyers and sellers weren’t immediately known.
Jaypee Infratech Ltd. (JPIN) (JPIN), the unit of India’s biggest builder of dams, jumped to its daily limit of 20 percent to 60.55 rupees, the biggest gain since it began trading since May 2010. “Founders may be raising stake in co. as valuations become more attractive, may later sell some shares when prices climb,” an analyst Jiten Rushi at BP Equities Ltd. said in a phone interview.
NIIT Ltd. (NIIT) , the software company surged 14 percent to 49.8 rupees, the steepest climb since July 2009, after unit NIIT Ventures Inc. sold its Element K business to two indirect units of SSI Investments II Ltd. for $110 million in cash.
Oberoi Realty Ltd. (OBER) rallied 4.2 percent to 234.85 rupees, the biggest gain in more than four months. India’s second-largest realty developer by value said profit rose to 1.11 billion rupees in the quarter ended Sept. 30, from 955 million rupees a year ago, according to an e-mailed statement.
Oil & Natural Gas Corp. (ONGC IN) climbed 1 percent to 269.45 rupees. The largest explorer’s unit ONGC Videsh Ltd. is likely to pick up 16 per cent stake in Kazakhstan’s Kashagan oilfield in the Caspian Sea, for about $6 billion, the Financial Chronicle reported without saying where it got the information.
Reliance Industries Ltd. (RIL) , the nation’s largest company by market value, slumped 3.8 percent to 833.8 rupees after its profit for the quarter ended September was little changed from the previous quarter.
Tata Motors Ltd. (TTMT) advanced 4.5 percent to 188.1 rupees, its highest price since Aug. 2. The owner of Jaguar and Land Rover said in an e-mailed statement on Oct. 14 that global wholesales rose 24 percent to 107,258 vehicles in September.
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