Bloomberg News

Indian Equity Movers: Retailers, Jet, Kingfisher, Ranbaxy, KEC

November 25, 2011

Nov. 25 (Bloomberg) -- Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 10:16 a.m. local time.

The BSE India Sensitive Index, or Sensex, slid 0.4 percent to 15,791.76. The BSE200 Index gained less than 0.1 percent to 1,928.27.

Retailers: Pantaloon Retail India Ltd. (PF IN) surged 13.1 percent to 227.5 rupees, set for its highest close since Sept. 22, and Shoppers Stop Ltd. (SHOP IN) climbed 9.6 percent to 408.45 rupees. Indian retail stocks surged after the cabinet approved a proposal to allow overseas companies to own as much as 51 percent of retailers selling more than one brand.

Aviation: Jet Airways (India) Ltd., the nation’s biggest carrier, dropped 0.1 percent to 246.3 rupees and Kingfisher Airlines Ltd. declined 2.6 percent to 24.55 rupees, after the nation’s oil minister said their dues to state oil suppliers increased in the quarter ended in September.

Mumbai-based Jet Airways’s dues to fuel companies rose 65 percent in the quarter to 8.5 billion rupees. Kingfisher’s dues increased 4 percent to 6.4 billion rupees, minister S. Jaipal Reddy said in a written reply in parliament yesterday.

KEC International Ltd. (KECI IN) rose 2.4 percent to 41.90 rupees after the Indian power transmission company sold 7.63 acres of land near Vashi in Mumbai to Vodafone Shared Services Ltd. for 725 million rupees.

Ranbaxy Laboratories Ltd. (RBXY) increased 1.1 percent to 434.15 rupees. The drugmaker may get approval from the U.S. Food and Drug Administration to sell copies of Pfizer Inc.’s Lipitor as early as next week, Economic Times today reported, citing a person familiar with the matter it didn’t identify.

--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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