Bloomberg News

Indian Equity Movers: Ashok Leyland, Sun TV Network, Venky’s

November 04, 2011

Nov. 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, gained 0.5 percent to 17,562.61. The gauge lost 1.4 percent during the week. The BSE-200 Index added 0.5 percent to 2,148.41.

Infrastructure companies: India eased rules for foreign institutional investment in bonds issued by infrastructure companies by reducing the lock-in period to one year from three years, the central bank said in a statement on its website yesterday. Shares of Larsen & Toubro Ltd. (LT IN), the nation’s biggest builder of airports and power networks, advanced 1 percent to 1,393.70 rupees. GMR Infrastructure Ltd. (GMRI IN), a builder of roads, airports and power plants, rose 1.2 percent to 26.40 rupees. Jaypee Infratech Ltd. (JPIN IN), a unit of India’s biggest builder of dams, added 0.4 percent to 53.85 rupees.

Ashok Leyland Ltd. (AL IN) climbed 2.4 percent to 27.80 rupees, its highest close since Apr. 27. The commercial vehicles maker backed by the billionaire Hinduja brothers reported second-quarter profit of 1.54 billion rupees, beating analysts’ estimate of 1.42 billion rupees.

Sun TV Network Ltd. (SUNTV IN) surged 5.4 percent to 288.55 rupees, its highest close since Sept. 23. Its net income in the three months ended Sept. 30 rose 7.8 percent from a year earlier to 1.8 billion rupees, according to an exchange filing.

Venky’s (India) Ltd. (WH IN) dropped 2.1 percent to 492 rupees, the most since Oct. 25, after the poultry company’s second-quarter profit fell 33 percent from a year earlier to 96.1 million rupees.

--Editor: Ravil Shirodkar

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

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


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