Bloomberg News

Indian Equities: Retailers, State Refiners, DB Realty, Reliance

November 29, 2011

Nov. 29 (Bloomberg) -- Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 3:30 p.m. close in Mumbai.

The BSE India Sensitive Index, or Sensex, sank 1 percent to 16,008.34. The BSE 200 Index lost 1 percent to 1,947.20.

Indian Retailer: The government faces political opposition to its decision to ease limits on foreign investment in the industry. Pantaloon Retail dropped 12 percent to 196.7 rupees, Shoppers Stop declined 3.3 percent to 356.05 rupees, Trent lost 4 percent to 985.8 rupees and Vishal Retail slid 2 percent.

State refiners: The companies may cut gasoline prices for the second time in two weeks as a decline in international rates of the fuel outweighs a drop in the rupee, two people with direct knowledge of the matter said.

Bharat Petroleum Corp. fell 1.4 percent to 528 rupees, Hindustan Petroleum Corp. tumbled 4.2 percent to 276.5 rupees while Indian Oil Corp. sank 2.5 percent to 262.35 rupees.

DB Realty Ltd. (DBRL IN) climbed 8 percent to 76.8 rupees, its highest price in four months. An Indian court granted bail to Asif Yusuf Balwa, DB Realty’s chief financial officer, in a case relating to the 2008 sale of phone permits.

Lanco Infratech Ltd. (LANCI IN) lost 3.6 percent to 12.15 rupees, the largest drop since Nov. 17. India’s biggest private power producer’s Chief Financial Officer J. Suresh Kumar quits by becoming the second top executive at a local generator to resign this month amid losses.

Reliance Industries Ltd. (RIL IN) declined 2.4 percent to 765 rupees, the largest drop since Nov. 25. The company started arbitration proceedings against the government, seeking a decision on its entitlement to recover investments made in the KG-D6 gas field from sales, the company said in a statement yesterday.

--Editor: Ravil Shirodkar

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

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


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