Indian Equities: Lenders, Oil & Natural Gas, Timken India
India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 46.67, or 0.2 percent, to 19,934.64 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.
Banks: State Bank of India (SBIN IN), the nation’s largest lender, lost 3 percent to 2,864.5 rupees, its lowest close since Nov. 26. State Bank led local rivals lower on concerns that competition for funds will increase costs and lower loan profitability. “Banks may become desperate for deposit growth and are likely to enter into a deposit rate ‘war,’” said Suresh Ganapathy and Mudit Painuly, analysts at Macquarie Group Ltd.
ICICI Bank Ltd. (ICICIBC IN), the second-largest lender, declined 3.5 percent to 1,110.5 rupees, the most since May 19.
Oil & Natural Gas Corp. (ONGC IN) advanced 1.3 percent to 1,337.95 rupees, its highest level in almost a month. The country’s biggest energy explorer may get at least a 10 percent return on its investment in Cairn India Ltd.’s Rajasthan blocks, the Economic Times reported, citing petroleum ministry sources it didn’t identify. Cairn India (CAIR IN) added 0.8 percent to 330.2 rupees.
Timken India Ltd. (TMKN IN) slid 1.7 percent to 168.45 rupees, the most since Nov. 26. The bearing maker had about 1.2 percent of its equity change hands in two block deals, according to data compiled by Bloomberg. Buyers and sellers weren’t immediately known.
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