Bloomberg News

Indian Equities: Bharat Heavy, JSW Steel, Sintex, SCI, Sterlite

October 03, 2011

Oct. 3 (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, sank 1.8 percent to 16,151.45. The BSE-200 Index slid 1.8 percent to 1,992.40.

Bharat Heavy Electricals Ltd. (BHEL IN) retreated 2.5 percent to 319.9 rupees, the steepest loss in six weeks. The nation’s largest power-equipment maker filed documents with the market regulator in preparation for a 5 percent stake sale by the government, its biggest investor, two people with knowledge of the matter said on Sept. 30.

The company may raise as much as 50 billion rupees ($1.02 billion) from the sale, disinvestment secretary Mohammad Haleem Khan told reporters in Kolkata on Oct. 1.

JSW Steel Ltd. (JSTL IN), India’s third-biggest maker of the alloy, tumbled 7.3 percent to 549.05 rupees, its lowest price since July 14, 2009, after saying federal investigators are seeking information on its iron-ore purchases.

Sintex Industries Ltd. (SINT IN) dropped 12.3 percent to 111.6 rupees, its lowest price in almost two years. The maker of textile products, plastic containers and organic chemicals may report “forex loss because of rupee depreciation” Suman Memani, a Mumbai-based analyst at PINC Research who has a “buy” recommendation, said by phone today.

Shipping Corp. of India (SCI IN) plunged 9.5 percent to 75.15 rupees, its lowest close since March 26, 2009, after the Press Trust of India reported that the nation’s biggest sea carrier “is on the brink of financial collapse,” citing from a shipping ministry document.

Sterlite Industries (India) Ltd. (STLT IN) declined 4.4 percent to 108.75 rupees, its lowest since April 29, 2009, after the nation’s biggest copper producer cut prices of copper cathodes by 9.5 percent to 402,876 rupees a metric ton from Oct. 1, according to its website.

--Editor: Ravil Shirodkar

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.


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus