Elecon Engineering, United Spirits, Kingfisher Air: India Equity Preview

The following companies may have unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the last close.

The Bombay Stock Exchange Sensitive Index, or Sensex, rose 0.2 percent to 17,970.02, its highest close in more than two years. The S&P CNX Nifty Index on the National Stock Exchange increased 0.2 percent to 5,374.65. The BSE 200 Index gained 0.3 percent to 2,256.82. SGX S&P CNX Nifty Index futures for April delivery fell 0.4 percent to 5,361.5 at 10:36 a.m. in Singapore today.

Tobacco producers: the government may take a decision today on a proposal to ban foreign direct investment in tobacco products manufacturing, including cigarettes, the Economic Times reported, without saying where it got the information. ITC Ltd. (ITC IN), the nation’s biggest producer, gained 1.2 percent to 269.45 rupees and Godfrey Phillips Ltd. (GP IN), the second- biggest, fell 0.1 percent to 1,900 rupees.

Bajaj Steel Industries Ltd. (BJST IN): The company is considering conversion of warrants at 264 rupees per share, it said in a statement to the Bombay Stock Exchange. The shares declined 1.3 percent to 281.25 rupees.

Elecon Engineering Co. Ltd. (ELCN IN): The material handling equipment maker has won orders worth 883.5 million rupees ($19.8 million), it said in a statement to the Bombay Stock Exchange. The shares rose 0.5 percent to 77.75 rupees.

Essar Oil Ltd. (ESOIL IN): Essar Energy Ltd., the holding company for Essar Group’s power and oil business, may begin an initial public offer of its shares in London as early as next week to raise $2.5 billion, the Economic Times reported, citing two bankers it didn’t identify. Essar Oil shares rose 1.6 percent to 145.75 rupees.

Indian Hotels Co. (IH IN): The company, which operates The Taj Group of hotels, plans to set up a holding company to manage its 11 overseas units, Bloomberg-UTV channel reported, without saying where it got the information. The shares fell less than 0.1 percent to 105.45 rupees.

JK Paper Ltd. (CPM IN): The papermaker will invest 15 billion rupees to expand capacity to 400,000 metric tons, the Hindu Business Line reported, citing company Managing Director Harsh Pati Singhania. The shares gained 2.6 percent to 54.25 rupees.

Kingfisher Airlines Ltd. (KAIR IN): The air-carrier expects to post profit before interest, taxes, depreciation and amortization in the fiscal year that began April 1, Ravi Nedungadi, chief financial officer of UB Group, the airline’s parent, said in Bangalore. The shares increased 0.8 percent to 48.4 rupees.

Steel Authority of India Ltd. (SAIL IN): The government may discuss a share sale in the nation’s second largest producer on April 8, ET Now television channel reported, without saying where it got the information. The shares declined 0.6 percent to 255.15 rupees.

Sun Pharmaceutical Industries Ltd. (SUNP IN): The drugmaker said its unit has won U.S. Food and Drug Administration approval to sell a generic version of GlaxoSmithKline Plc’s Wellbutrin SR used to treat a depressive disorder. The shares declined 1.4 percent to 1,796.85 rupees.

Tata Motors Ltd. (TTMT IN): The automaker’s Nano car caught fire in the second such incident in less than a month. The vehicle has no design flaw, according to the company’s e-mailed statement. Tata Motors gained 2.7 percent to 795.35 rupees.

United Spirits Ltd. (UNSP IN): The country’s biggest liquor maker sold 100 million cases in the financial year that ended March 31, Chairman Vijay Mallya said in Bangalore. The shares rose 0.4 percent to 1,334.8 rupees.

To contact the reporters on this story: Abhishek Shanker in Mumbai at ashanker1@bloomberg.net: Thomas Abraham in Mumbai at tabraham4@bloomberg.net

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