Indian Equities: Hero Honda, Mastek, ONGC, Polaris, Yes Bank
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, rose 142.70, or 0.7 percent, to 19,992.70 at the 3:30 p.m. close in Mumbai. Shares of the following companies had unusual moves in Indian trading and stock symbols are in parentheses.
Emami Ltd. (HMN IN), a maker of beauty products such as face whiteners, gained 1.6 percent to 445.05 rupees. The company may buy a majority stake in Ahmedabad-based Paras Pharmaceuticals Ltd. for 30 billion rupees ($661 million), the Times of India reported, without saying where it got the information. Naresh Bhansali, Chief Financial Officer, declined to comment on the report.
Hero Honda Motors Ltd. (HH IN), India’s largest motorcycle maker, dropped 7.5 percent to 1,781.2 rupees, the most in more than four months. Hero group has agreed to increase royalty payments to eight percent of total sales of Hero Honda Motors Ltd. to Japan’s Honda Motor Co., Business Standard reported, without saying where it got the information.
Lanco Infratech Ltd. (LANCI IN) increased 1.8 percent to 63.55 rupees, its highest level in a week. The power company was rated “buy” in new coverage by Anirudh Gangahar and Nishit Jalan, analysts at Nomura Holdings Inc., who said in a note to investors that they are “bullish” on the industry given the outlook for growth.
Mastek Ltd. (MAST IN), a software developer, surged 13 percent to 208.85 rupees, the most in five months, after saying it acquired the assets of SEG Software LLC.
Oil & Natural Gas Corp. (ONGC IN) advanced 2.2 percent to 1,313.95 rupees. India’s Cabinet yesterday approved splitting shares of the nation’s biggest energy explorer.
Polaris Software Lab Ltd. (POL IN) jumped 5.2 percent to 162.25 rupees, the most in almost five months. The banking software developer with clients such as Citigroup Inc. will set up a development center in China in the year starting April 1, Chief Executive Officer Arun Jain said.
Yes Bank Ltd. (YES IN) added 1.8 percent to 335.7 rupees. The lender was raised to “buy” from “hold” by Siddharth Teli, an analyst at Religare Capital Markets, with a 12-month share price estimate of 380 rupees.
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