Indian Equity Movers: Pantaloon Retail, Suzlon, Everonn, IFB
Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 10 a.m. local time.
The BSE India Sensitive Index, or Sensex, fell 1.1 percent to 16,280.4. The BSE200 Index lost 1.3 percent to 1,967.86.
Retail Companies: Pantaloon Retail India Ltd. (PF) increased 3 percent to 187.5 rupees and Shoppers Stop Ltd. rose 2.2 percent to 359.15 rupees. India is said to consider a proposal next week to allow overseas companies to own as much as 51 percent of stores that sell more than one brand, according to four government officials with direct knowledge of the matter. The cabinet will discuss the plan, they said yesterday.
Everonn Systems India Ltd. (ESIL IN) increased 4 percent to 334.25 rupees. The company is in discussions with Carlyle Group and New York Life Capital Partners to sell stake to raise more than $100 million, the Business Standard reported, citing two people familiar with the matter.
Gitanjali Gems Ltd. (GITG) , the owner of jewelry brands Nakshtra, Gili and Asmi, fell 1.8 percent to 340.65 rupees. The company plans to repay $57 million of its 1 percent, dollar convertible debt due for redemption this month, Chief Financial Officer Sunil Varma said in an interview yesterday.
IFB Industries Ltd. (IFBI) added 2 percent to 75.40 rupees after the company said its board would meet Nov. 23 to consider a preferential share issue to founders.
Kingfisher Airlines Ltd. (KAIR) slumped 12 percent to 21.95 rupees. The airlines, which has $1.5 billion of debt according to data compiled by Bloomberg, owes the Indian government $83 million in taxes it deducted from its employees’ paychecks and has defaulted on loan payments, the company’s auditors said in the latest annual report.
Suzlon Energy Ltd. (SUEL) fell 5.5 percent to 24.25 rupees after its founders sold a 2 percent stake, raising 1 billion rupees to reinvest in the wind-turbine maker.
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