India Equity: Phoenix Mills, Reliance Industries, Bank of Baroda
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the 3:30 p.m. close in Mumbai, unless stated otherwise.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, lost 156.06, or 0.8 percent, to 19,135.96, the lowest level since April 19. The BSE 200 Index lost 0.8 percent to 2,363.68.
Allied Digital Services Ltd. (ALDS) fell 5 percent to 90.75 rupees, the most since March 4. The Indian technical support services provider fell after saying fourth-quarter profit declined to 73.8 million rupees from 310.2 million rupees a year earlier.
Bank of Baroda (BOB) dropped 3.2 percent to 911.9 rupees, the lowest in a month. The lender was cut to “neutral” from “overweight” by Adarsh Parasrampuria, an analyst at JPMorgan Chase & Co. (JPM), with a 12-month estimate of 1,000 rupees per share.
Crompton Greaves Ltd. (CRG) slumped 10 percent to 252.2 rupees, the most since March 2009. The electrical equipment maker’s net income for the three months ended March 31 fell 18 percent to 2.51 billion rupees, according to an exchange filing.
Kesoram Industries Ltd. (KSI) sank 10 percent to 195.2 rupees, the most in 18 months. The Indian manufacturer of tires and cement dropped for a second day in Mumbai after reporting a quarterly loss of 1.98 billion rupees.
Manappuram General Finance & Leasing Ltd. (MGFL) gained 1 percent to 132.85 rupees, the most since April 27. The provider of loans against gold said profit for the year ended March 31 more than doubled to 2.83 billion rupees and it will give one free share for each held, according to a filing.
Phoenix Mills Ltd. (PHNX) , an Indian real estate developer, added 2.5 percent to 204.95 rupees, the highest in four months. Fourth-quarter net income rose 61 percent to 272 million rupees, according to a statement on the Bombay Stock Exchange.
Reliance Industries Ltd. (RIL) added 1.2 percent to 983.75 rupees, the most since April 21. The company is in talks with the Bharti group to buy the latter’s stake in an insurance venture with Axa SA, the Economic Times reported. Manoj Warrier, a spokesman for Reliance Industries, declined to comment.
TVS Motor Co. (TVSL IN) fell 5.7 percent to 56.35 rupees, the most since Feb. 18. The Indian maker of motorcycles and mopeds reported fourth-quarter profit that missed analysts’ estimates.
The company’s profit more than doubled to 416.8 million rupees. That compares with a median estimate of 572 million rupees by 15 analysts compiled by Bloomberg.
Uco Bank (UCO) sank 9 percent to 104.45 rupees, the most since December 2010. The Indian state-owned lender fell in Mumbai trading after reporting profit for the three months ended March 31 fell 41 percent.
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