Bloomberg News

Indian Equity Movers: Retailers, IVRCL, Kingfisher, Suzlon

November 18, 2011

Nov. 18 (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, lost 0.6 percent to 16,371.51 to complete its worst week in about three months. The BSE200 Index slid 0.6 percent to 1,982.36.

Retail Companies: Pantaloon Retail India Ltd. (PF IN) surged 9 percent to 198.40 rupees, its highest close since Oct. 12. Shoppers Stop Ltd. (SHOP IN) advanced 0.3 percent to 352.25 rupees after rising as much as 4.8 percent intraday. India is said to consider a proposal next week to allow overseas companies to own as much as 51 percent of stores that sell more than one brand, according to four government officials with direct knowledge of the matter. The cabinet will discuss the plan, they said yesterday.

IVRCL Ltd. (IVRC IN), a builder of roads and ports, tumbled 12 percent to 32 rupees, its lowest close since Oct. 27, 2008. The stock was cut to “hold from ‘‘buy’’ at Avendus Capital by analyst Devang Patel, who slashed the price estimate 61 percent to 36 rupees a share.

Kingfisher Airlines Ltd. (KAIR IN) slumped 3.8 percent to 24.05 rupees, the most in a week. The airlines, which has $1.5 billion of debt according to data compiled by Bloomberg, owes the Indian government $83 million in taxes it deducted from its employees’ paychecks and has defaulted on loan payments, the company’s auditors said in the latest annual report.

Suzlon Energy Ltd. (SUEL IN) plunged 7 percent to 23.85 rupees, its lowest close since listing in 2005, after an exchange filing showed Samanvaya Holdings Pvt., part of the wind turbine maker’s founder group, cut its stake to 1.86 percent to 3.94 percent.

--Editor: Ravil Shirodkar

To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net;

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


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