BLBG:India Equity Movers: Indian Oil, Kingfisher, Reliance Industries
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of 10:04 a.m. in Mumbai.
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 116.2 points, or 0.6 percent, to 18,152.37, set for the steepest drop since May 25. The BSE 200 Index decreased 0.7 percent to 2,256.12.
Indian Oil Corp. (IOCL IN) advanced 1.1 percent to 317.15 rupees, bound for the steepest gain this month. The nation’s largest refiner bought about 4 million barrels of Nigerian crude oil from Royal Dutch Shell Plc for loading in August, said three traders, who asked not to be identified because they’re not authorized to speak to the media.
Jyoti Structures Ltd. (JYS) rose 2 percent to 91.55 rupees, headed for the highest closing price in more than seven weeks. The power-transmission equipment maker’s African unit got two orders worth 2.25 billion rupees ($50 million) from Eskom, a South African utility, according to an exchange filing on June 10 after markets closed.
Kingfisher Airlines Ltd. (KAIR) added 1.5 percent to 41.6 rupees, bound for its first advance in four days. The nation’s second-biggest airline is considering selling a stake to private-equity investors to reduce its debt, the Mint reported, citing an unidentified executive at the company.
Maruti Suzuki India Ltd. (MSIL) declined 1 percent to 1,215 rupees, set for the lowest closing level since June 9. The country’s biggest carmaker allowed striking workers at its Manesar plant to form a separate union, Business Standard reported today, citing S.Y. Siddiqui, the company’s head of human resources.
Reliance Industries Ltd. (RIL) , Reliance Industrial Infrastructure Ltd. (RIIL) : Reliance, India’s biggest company by market value will acquire Bharti Enterprises Ltd.’s stake in its general and life insurance joint ventures with France’s Axa SA, according to e-mailed statements from both Indian companies. Reliance will hold 57 percent and Reliance Industrial Infrastructure 17 percent in the life and general insurance companies. The transaction’s value wasn’t disclosed.
Separately, India’s oil regulator has declined to recognize as commercial three natural gas discoveries in the KG-D6 block operated by Reliance Industries, the Press Trust of India reported, citing unidentified people. Reliance Industries slid 2 percent to 925.4 rupees, headed for the steepest decline since May 17. Reliance Industrial Infrastructure advanced 3.8 percent to 591.05 rupees, headed for the highest close in a month.
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