Hindustan Construction, Jet Airways, Bajaj Auto, PVR: 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, fell 0.5 percent to 17,853. The S&P CNX Nifty Index on the National Stock Exchange declined 0.4 percent to 5,339.70. The BSE 200 Index lost 0.4 percent at 2,243.01. SGX S&P CNX Nifty Index futures for April delivery fell 0.2 percent to 5,339 at 11:10 a.m. in Singapore today.
Bajaj Auto Ltd. (BJAUT IN): The country’s second biggest motorcycle maker and KTM Power Sports AG plans to make sports motorcycles for export and domestic sale, Business Standard reported, citing Managing Director Rajiv Bajaj. Bajaj Auto officials couldn’t immediately be contacted for comment on the report. The shares rose 0.3 percent to 2,074.10 rupees.
GAIL India Ltd. (GAIL IN): The natural gas supplier plans to invest up to 300 billion rupees ($6.75 billion) in setting up gas pipelines across India, Daily News & Analysis reported, citing Chairman B.C. Tripathi. The shares fell 3.2 percent to 411.20 rupees.
Hindustan Construction Co. (HCC IN): The company won an order worth 6.08 billion rupees ($137 million) to build a naval dry dock in Mumbai. Hindustan Construction has to complete the project within four years, it said. The stock rose 0.2 percent to 138.45 rupees.
Jet Airways (India) Ltd. (JETIN IN): The nation’s largest carrier predicts that business travelers will return to premium seats, helping to fuel the airline’s expansion in Europe. “We are seeing more confidence in the corporate market, and some of the more draconian travel policies are starting to loosen,” Raga Segran, Jet’s head of European operations, said in an interview. The stock rose 4.2 percent to 533.35 rupees.
NTPC Ltd. (NATP IN): The country’s largest power producer may be allowed to sell up to half of its output to the state in which its projects are located, the Economic Times reported, citing an unidentified government official. The shares fell 1.8 percent to 207.90 rupees.
PVR Ltd. (PVRL IN): The company’s board approved a plan to merge Leisure World Pvt. The board also approved giving 152 shares of PVR for every 100 held in Leisure World, PVR said in a statement to the Bombay Stock Exchange. PVR gained 6.8 percent to 181.50 rupees.
Steel Authority of India Ltd. (SAIL IN): The nation’s second largest producer may sell shares at 5 percent less than the market price to small investors and employees, the Economic Times reported, citing Steel Secretary Atul Chaturvedi. The shares rose 0.7 percent to 236.05 rupees.
Tata Steel Ltd. (TATA IN): India’s largest producer of the ore said it was re-negotiating iron ore and coking coal prices, Business Line reported. citing Managing Director H.M. Nerurkar. The shares rose 1.2 percent to 684.25 rupees.