The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of 9:27 a.m. in Mumbai.
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 31.61, or 0.2 percent, to 19,580.59. The BSE 200 Index was little changed at 2,422.59.
Cairn India Ltd. (CAIR) fell 1.1 percent to 346.75 rupees, poised for its lowest close since March 18. India will refer a proposal by Vedanta Resources Plc to acquire a stake in Cairn India Ltd. to a panel of ministers, Petroleum Minister S. Jaipal Reddy told reporters in New Delhi yesterday after trading ended. Vedanta unit Sesa Goa Ltd. (SESA) , which has offered to buy 20 percent of Cairn India, declined 1.8 percent to 320 rupees, its steepest fall since March 15.
Indian Hotels Co. Ltd. (IH IN) added 1.1 percent to 86.9 rupees, set for its highest closing level in almost two months. The owner of the Taj group of hotels plans to introduce a new brand of mid-range hotels this year, the Press Trust of India reported after trading ended yesterday, citing Raymond Bickson, the company’s managing director.
Bickson couldn’t immediately be reached at his office telephone for comment on the report.
Magma Fincorp Ltd. (MGMA) rose 2.3 percent to 63.65 rupees, headed for its highest closing level in more than two months. The lender for commercial vehicle purchases has received regulatory clearance to start a general insurance venture, the Press Trust of India reported, citing Chief Executive Officer Swaraj Krishnan.
Krishnan couldn’t immediately be reached at his office telephone for comment on the report.
Maruti Suzuki India Ltd. (MSIL) retreated 1.9 percent to 1,272.75 rupees. The nation’s biggest carmaker will recall 13,157 diesel cars with engines manufactured between Nov. 13 and Dec. 4, 2010, to inspect the connecting rod bolt, according to an e-mailed statement.
Chief Financial Officer Ajay Seth said in a phone interview yesterday that the company will raise spending 33 percent this year to expand capacity and develop models to fend off competition from Hyundai Motor Co. and Toyota Motor Corp.
Persistent Systems Ltd. (PSYS) climbed 2.5 percent to 416.65 rupees, set for its highest close since Jan. 20. The software company entered into a venture agreement with Sprint Nextel Corp. to provide internet and managed network services in the South Asian nation, according to a statement on the National Stock Exchange today. Sprint will own 74 percent stake in the venture.
Spanco Ltd. (SPAN) advanced to near a three-month high after saying a group led by the company won a project worth 610 million rupees ($13.8 million). The telecommunications solution provider rose 2.7 percent to 159.75 rupees, set for the highest close since Jan. 13.
To contact the reporters on this story: Ameya Karve in Mumbai at akarve@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
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