CMC, GMR Infra, Indian Oil, ONGC, Goenka, Engineers: India Equity Preview

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

The Bombay Stock Exchange Sensitive Index, or Sensex, fell 1 percent to 17,639.26. The S&P CNX Nifty Index on the National Stock Exchange declined 0.9 percent to 5,273.60. The BSE 200 Index lost 0.8 percent at 2,220.56. SGX S&P CNX Nifty Index futures for April delivery fell 0.3 percent to 5,259 at 10:58 a.m. in Singapore today.

CMC Ltd. (CMC IN): The computer software service provider said fourth-quarter net income rose 15 percent to 443 million rupees ($10 million). Revenue declined to 2.34 billion rupees in the three months ended March 31 from 2.4 billion rupees, the company said in a statement to the Bombay Stock Exchange. CMC gained 2.4 percent to 1,476.05 rupees.

Engineers India Ltd. (ENGR IN): The design and engineering company may sell shares in a follow-on public offer by July, the Economic Times newspaper said, citing Chairman Arun Kumar Purwar. The shares rose 0.6 percent to 2,340.95 rupees.

Glodyne Technoserve Ltd. (GLOT IN): The information technology services provider is likely to acquire DecisionOne, a U.S.-based company, for 5 billion rupees, the Economic Times said, citing a person familiar with the development that it didn’t identify. The shares rose 2.8 percent to 756.80 rupees.

GMR Infrastructure Ltd. (GMRI IN): The builder of airports and roads plans to raise as much as $250 million selling shares to institutional investors. The company will sell shares at 62.20 rupees each, according to a sale document obtained by Bloomberg News. GMR added 1.8 percent to 63.95 rupees.

Goenka Diamond and Jewels Ltd. (GDJ IN): The maker of diamond jewelry commences trading in Indian stock exchanges today. The company raised 1.35 billion rupees selling 10 million shares to the public at 135 rupees a piece.

Indian Oil Corp. (IOCL IN): The nation’s second-largest refiner will increase jet fuel prices to 43,540 rupees a kiloliter from 42,159.48 rupees a kiloliter in Mumbai starting today, a company official said. The stock fell 0.3 percent to 282.95 rupees.

JSW Steel Ltd. (JSTL IN): The country’s third largest producer may sell a 14.06 percent stake to Japan’s JFE Holdings Inc., the Economic Times reported, citing people familiar with the development. The shares fell 0.2 percent to 1,265 rupees.

Larsen & Toubro Ltd. (LT IN): The engineering equipment maker is in talks with Mitsubishi Heavy Industries Ltd. to form a venture to make heavy industrial tires, the Economic Times reported, citing a person it didn’t identify who’s close to the development. The shares fell 1.6 percent to 1,572 rupees.

Oil & Natural Gas Corp. (ONGC IN): The overseas unit of the oil explorer is targeting production of 8.2 million metric tons in 2010-11, compared with output of 8.87 million tons a year earlier, R.S. Butola, managing director of ONGC Videsh Ltd., said. Oil & Natural Gas lost 0.1 percent to 1,039.65 rupees.

Tata Steel Ltd. (TATA IN): The nation’s largest producer has raised 90 billion rupees in loans to fund expansion of its Jamshedpur factory in east India, Financial Chronicle said, citing people familiar with the development. The shares fell 0.9 percent to 686.1 rupees.

To contact the reporter on this story: Saikat Chatterjee in New Delhi at schatterjee4@bloomberg.net. Abhishek Shanker in Mumbai at ashanker1@bloomberg.net

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