Godrej Industries, Reliance, Tata Steel, Mundra Port: 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 365.36, or 2.3 percent, to 16,387.84. The S&P CNX Nifty Index on the National Stock Exchange advanced 2.3 percent to 4,917.40. The BSE 200 Index climbed 2 percent to 2,075.25.

Everest Kanto Cylinder Ltd. (EKCL IN): The maker of high- pressure gas cylinders yesterday said profit for the year ended on March 31 rose to 404.9 million rupees ($8.5 million) from 372.5 million in the previous year. The shares rose 2.9 percent to 125.2 rupees.

Godrej Industries Ltd. (GDSP IN): The maker of chemicals and food products said profit for the year ended March 31 rose to 809.2 million rupees from 180.8 million rupees a year earlier. Godrej gained 2 percent to 148.05 rupees.

Gujarat Alkalies and Chemicals Ltd. (GALK IN): The company said sales in the quarter ended March 31 were 3.06 billion rupees and profit was 856.3 million rupees. The stock rose 2.8 percent to 114.6 rupees.

Gujarat Narmada Valley Fertilizers Co. (GNFC IN): The company reported a loss of 382.6 million rupees in the quarter ended March 31 compared with a profit of 195.4 million rupees in the previous year. The shares rose 2.1 percent to 109.4 rupees.

Mundra Port and Special Economic Zone Ltd. (MSEZ IN) The company was rated new “overweight” at JPMorgan by analyst Sumit Kishore. The target price is 735 rupees per share. The shares rose 4.7 percent to 673.25 rupees.

Oil India Ltd. (OINL IN): The nation’s second-biggest state-run explorer said fourth-quarter profit jumped to 4.31 billion rupees from 707.5 million rupees a year earlier. The shares rose 0.2 percent to 1,238 rupees.

Power Finance Corp. (POWF IN): The company will lend 300 billion rupees to power projects in the year to March 31, Chairman Satnam Singh told reporters in New Delhi. The shares rose 1.2 percent to 284.75 rupees.

Reliance Industries Ltd. (RIL IN): The nation’s largest company by market value is evaluating acquiring or forming joint ventures for two shale gas assets in the U.S., the CNBC-TV18 network reported, without saying where it got the information. The shares rose 2.3 percent to 1,008.05 rupees.

Sobha Developers Ltd. (SOBHA IN): The company was raised to “buy” from “hold” at Deutsche Bank AG by analyst Abhay Shanbhag. The 12-month target price is 350 rupees per share. The shares rose 6 percent to 300.9 rupees.

Tata Steel Ltd. (TATA IN): India’s biggest steel producer turned to a group profit in its fourth quarter as demand rose from automobile, construction and engineering companies and its European unit Corus increased prices. Group net income was $542 million in the three months ended March 31, compared with $1.01 billion loss a year earlier, it said. The median estimate of 19 analysts in a Bloomberg survey was a profit of 13.5 billion rupees. The shares rose 1.6 percent to 484.45 rupees.

To contact the reporters on this story: Pooja Thakur in Mumbai at pthakur@bloomberg.net; Ruth David in Mumbai at rdavid9@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.