Bloomberg News

Indian Equity Movers: Andhra Cement, Maruti, Tata Sponge, Wipro

October 31, 2011

Oct. 31 (Bloomberg) -- Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 9:45 a.m. local time.

The BSE India Sensitive Index, or Sensex slid 0.6 percent to 17,700.36. The BSE 200 Index lost 0.5 percent to 2,152.75.

Andhra Cement Co. (ANDC IN) rallied 5.5 percent to 8.65 rupees, set for its biggest gain since March 17. Kolkata-based industrialist G.P. Goenka is close to selling his controlling stake in the cement maker to the Dalmia group, which owns Dalmia Cement (Bharat) Ltd., the Economic Times reported, without saying where it got the information.

Maruti Suzuki India Ltd. (MSIL IN), the nation’s largest carmaker, slumped 2.7 percent to 1,095.75 rupees, headed for the steepest drop since Oct. 14. Second-quarter profit slumped 60 percent from a year earlier to 2.4 billion rupees ($49 million), the biggest drop since December 2008 and missing the 4.1 billion-rupee median of 24 analyst estimates compiled by Bloomberg.

Redington India Ltd. (REDI IN) gained 2.1 percent to 94.95 rupees, poised for the biggest gain in almost two months. The provider of supply-chain services said group profit in the second quarter climbed 24 percent from a year earlier to 612.7 million rupees.

Tata Global Beverages Ltd. (TGBL IN), the maker of Tetley tea, climbed 2.3 percent to 91.80 rupees, bound for its highest close since Sept. 21. The company’s profit for the quarter ended September rose 49 percent to 769.50 million rupees.

Tata Motors Ltd. (TTMT IN), India’s biggest truckmaker, shed 2.8 percent to 201.15 rupees. The company has suspended work at its plant in Thailand because of floods, the Business Standard newspaper reported, citing a company official it didn’t identify. The company, which produces the Xenon pick-up truck through a joint-venture company in the Southeast Asian country, will review the flood situation today, the report said.

Tata Sponge Iron Ltd. (TTSP IN), a metal producer, surged 9.6 percent to 338.75 rupees, on course for its biggest gain since March 21. The company said profit in the quarter ended September more than doubled to 217.3 million rupees.

Union Bank of India (UNBK IN) lost 1.7 percent to 218.35 rupees. The stock was downgraded to “reduce” from “accumulate” at SBI Capital by analyst Ravikant Bhat. The 12- month target price is 220 rupees a share.

Wipro Ltd. (WPRO IN), the nation’s third-largest software services provider, jumped 1.9 percent to 381.20 rupees, set for its highest close since Aug. 3. Profit for the three months ended Sept. 30 climbed to 13 billion rupees from 12.8 billion rupees in the same quarter last year. That matched the 13.1 billion rupees estimated by analysts.

--Editor: Matthew Oakley

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

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


Later, Baby
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus