India Equities: Coal India, ING Vysya, Patni, Tata Consultancy
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, lost 1.6 percent to 16,748.29. The BSE 200 Index shed 1.5 percent to 2,053.20.
Coal India Ltd. (COAL) , the world’s largest producer of the fuel, rallied 2.8 percent to 330.05 rupees, the biggest gain since Oct. 7. Workers at the state-run company dropped their threat to go on strike after reaching an agreement with the government on bonuses.
ING Vysya Bank Ltd. (VYSB) surged 4 percent to 325 rupees, its highest price since Aug. 16, after saying second- quarter profit rose to 1.15 billion rupees ($23 million) from 752.6 million rupees a year earlier.
MindTree Ltd. (MTCL) climbed 3.1 percent to 397.05 rupees, its highest price in more than two months. The Indian software maker posted second-quarter profit of 545 million rupees, beating the 330 million-rupee median of 15 analysts’ estimates compiled by Bloomberg.
Patni Computer Systems Ltd. (PATNI) jumped 16 percent, the most since June 2009, to 337.35 rupees. The software exporter reported third-quarter profit of 902.7 million rupees, surpassing the 737 million-rupee median of 16 analysts’ estimates compiled by Bloomberg.
Reliance Industries Ltd. (RIL) fell 1.7 percent to 819.90 rupees, its lowest price since Oct. 7. The nation’s largest company by market value was downgraded to “hold” from “buy” at Centrum Broking Pvt. by equity analyst Rohit Nagraj, with a 12-month price estimate of 932 rupees a share.
Tata Consultancy Services Ltd. (TCS) dropped 7.7 percent to 1,033.55 rupees, the steepest drop since May 2009. The nation’s largest software exporter posted second-quarter profit that missed analysts’ estimates as a weaker-than-expected economic recovery made customers hold back technology spending.
Net income rose 15 percent to 24.4 billion rupees in the three months ended Sept. 30. Profit was projected at 25.2 billion rupees, according to the median of 28 analysts’ estimates compiled by Bloomberg.
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