Bloomberg News

Indian Equities: Anil Ambani Group, Bajaj Corp, Hindustan Copper

September 30, 2011

Sept. 30 (Bloomberg) -- 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, shed 1.5 percent to 16,453.76. The BSE-200 Index fell 1.3 percent to 2,028.27.

Anil Ambani Group: Reliance Capital Ltd. (RCAPT IN) paced declines among companies owned by Indian billionaire Anil Ambani after investigators widened a phone-license probe to include the role of an Ambani company. Reliance Capital lost 12 percent to 315.15 rupees. Reliance Communications Ltd. (RCOM IN) declined 7.5 percent to a record 71.75 rupees. Reliance Infrastructure Ltd. (RELI IN) dropped 7.4 percent to 373.45 rupees; Reliance Power Ltd. (RPWR IN) sank 3.9 percent to record 76.75 rupees, while Reliance MediaWorks Ltd. (RMW IN) tumbled 5.4 percent to 91.25 rupees.

Bajaj Corp Ltd. (BJCOR IN) plunged 12 percent to 106.1 rupees, the most since its trading debut in August last year, after the company announced yesterday it bought a plot of land in Mumbai for 750 million rupees. The purchase is a “non-core investment,” said Diwakar Yasarapu, an analyst at Fortune Equity Brokers Ltd.

Coal India Ltd. (COAL IN), the biggest producer of the fuel, slid 5 percent to 333.2 rupees, its lowest in almost seven months, after the country’s cabinet approved a that will make mining companies pay for development of areas where they operate.

GlaxoSmithKline Consumer Healthcare Ltd. (SKB IN), a maker of health drinks, climbed 4.5 percent to 2,366.6 rupees, the most in almost eight months. The stock was raised to “outperform” from “in-line” at Standard Chartered Plc by equity analyst Sanjay Singh.

Hindustan Copper Ltd. (HCP IN) surged 6.6 percent to 226.7 rupees, the most in more than four months. The monopoly miner of the metal got approval from India’s cabinet to invest 18.5 billion rupees to raise production capacity, Home Minister Palaniappan Chidambaram said in New Delhi today.

Koutons Retail India Ltd. (KUTN IN) jumped 10 percent to 23.9 rupees, the most since July 11. The menswear retailer said in a statement to stock exchanges today that its lenders had approved a proposal to restructure its debt and interest rates on all its loans will be reduced.

Voltas Ltd. (VOLT IN) lost 7 percent to 111.15 rupees, the most in more than a month. The company, a part of India’s Tata Group, was cut to “sell” from “hold” at PINC Infinity.com Financial Services by equity analyst Ankit Babel.

--Editor: Abhay Singh

To contact the reporter on this story: Shikhar Balwani in Mumbai at sbalwani@bloomberg.net; Hemal Savai in Mumbai at hsavai@bloomberg.net.

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus