Bloomberg News

Indian Equities: Maruti, Prakash Constrowell, SBI, SpiceJet

October 04, 2011

Oct. 4 (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, slid 1.8 percent to 15,864.86. The BSE200 Index lost 1.6 percent to 1,960.37.

Maruti Suzuki India Ltd. (MSIL IN) advanced 2.8 percent to 1,089.7 rupees, the biggest gain in two weeks. The Reserve Bank of India removed restrictions on purchases of the carmaker’s shares by overseas funds, the central bank said yesterday in a statement on its website.

Prakash Constrowell Ltd. (PRAK IN) surged 67 percent to 230 rupees in its trading debut in Mumbai. The construction company sold shares at 138 rupees apiece in its initial public offering after receiving demand for about 2.21 times the 4.62 million shares on offer.

State Bank of India (SBIN IN) dropped 4 percent to 1,787.2 rupees, its lowest price since Sept. 4, 2009. Moody’s Investors Service reduced the financial strength rating of the nation’s largest bank, citing deteriorating asset quality.

The financial strength rating, or standalone rating, was reduced to D+ from C-, according to a statement from the rating company today.

SpiceJet Ltd. (SJET IN) added 1 percent to 21.05 rupees, the largest gain in a week. The discount carrier plans to set up five more regional hubs in an effort to connect all major towns through its 70-seater Bombardier aircraft, the Business Standard reported, citing a company official it didn’t identify. The airline plans to have the hubs in Chennai, Ahmedabad, Bangalore, Kolkata and Delhi, according to the report.

--Editor: Ravil Shirodkar

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

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


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