Bloomberg News

Indian Equity Movers: BEML, Indiabulls Financial, Wheels India

October 28, 2011

Oct. 28 (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, advanced 3 percent to 17,804.80. The BSE 200 Index added 2.7 percent to 2,163.24.

BEML Ltd. (BEML IN) surged 6.1 percent to 525.8 rupees, its highest price since Aug. 3. The earth-moving equipment maker reported a net income of 153 million rupees ($3.14 million) in the quarter ended Sept. 30, compared with 147.4 million rupees a year earlier.

Edelweiss Financial Services Ltd. (EDEL IN) rose 1.1 percent to 27.55 rupees, its highest price in a month. The company had about 3.8 percent of its equity, or 29.12 million shares, traded in two block deals on the National Stock Exchange, according to data compiled by Bloomberg. The buyers and sellers weren’t immediately known.

Indiabulls Financial Services Ltd. (IBULL IN) tumbled 6.6 percent to 153.35 rupees, its biggest drop in four months. The company had about 1.6 percent of its equity, or 5.05 million shares, traded in a single block deal on the National Stock Exchange, according to data compiled by Bloomberg. The buyers and sellers weren’t immediately known.

Muthoot Finance Ltd. (MUTH IN) climbed 7.1 percent to 179.85 rupees, the most since May 27. The Indian gold-financing company said profit for the quarter ended September jumped 89 percent to 2.16 billion rupees ($44.3 million).

Rain Commodities Ltd. (RCOL IN) increased 3.8 percent to 31.55 rupees, its highest price in almost two months. The company said profit for the September quarter surged 26 percent to 1.18 billion rupees.

Reliance Industries Ltd. (RIL IN) gained 3 percent to 900 rupees, its highest price since June 15. The nation’s largest company by market value is poised to launch a $48-a-share cash bid for Valero Energy Corp., the largest independent refiner in the U.S., the U.K.’s Daily Mail newspaper reported.

Suzlon Energy Ltd. (SUEL IN) advanced 4.9 percent to 38.5 rupees, its biggest gain in almost two months. Batlivala & Karani Securities raised its rating on India’s largest maker of wind turbines to “outperform” from “underperform.”

Wheels India Ltd. (WHL IN) jumped to its daily limit of 20 percent to 293.5 rupees, its biggest gain since January 2010. The Chennai-based manufacturer said profit in the quarter ended Sept. 30 more than doubled from a year earlier to 109.8 million rupees, according to an e-mailed statement. Sales rose 19 percent to 4.96 billion rupees. The company said it plans to invest 700 million rupees this fiscal year to help boost exports.

--Editor: Abhay Singh

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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