Bloomberg News

Indian Equity Movers: Retailers, Bajaj Hindusthan, Polaris, SKS

November 24, 2011

Nov. 24 (Bloomberg) -- Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 10:11 a.m. local time.

The BSE India Sensitive Index, or Sensex, slid 0.9 percent to 15,559.50. The BSE200 Index fell 0.9 percent to 1,887.48.

Retailers: Pantaloon Retail India Ltd. (PF IN) surged 6.8 percent to 190.90 rupees, set for its highest close since Nov. 18, and Shoppers Stop Ltd. (SHOP IN) climbed 2.2 percent to 361.05 rupees.

India’s cabinet may today approve a plan allowing overseas companies to own as much as 51 percent of stores selling more than one brand as long as they invest at least $100 million in the venture. At least half of the foreign company’s investment will need to be in so-called backend infrastructure, according to a government official familiar with the talks yesterday, asking not be identified citing departmental policy.

Bajaj Hindusthan Ltd. (BJH IN), India’s biggest sugar maker, slumped 2 percent to 27 rupees, poised for the lowest close since February 2004. It reported group profit of 214.5 million rupees ($4.1 million) for the year ended Sept. 30, compared with 411.9 million rupees in a year earlier, according to an exchange filing.

Polaris Software Lab Ltd. (POL IN) tumbled 4.7 percent to 114.35 rupees, poised for the lowest close since July 28, 2009. The company agreed to buy the remaining 49 percent of its unit Indigo Tx Software Pvt., it said in a notice to BSE Ltd.

SKS Microfinance Ltd. (SKSM IN), an Indian lender to the poor backed by Sequoia Capital, rallied 5 percent to 121.25 rupees after saying yesterday that founder Vikram Akula has stepped down as chairman.

--Editor: Shiyin Chen

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.


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