Cadila, GAIL, Hindustan Unilever, ONGC, GMR Infra: India Equity Preview
The Bombay Stock Exchange Sensitive Index, or Sensex, rose 280.49, or 1.7 percent, to 17,022.33. The S&P CNX Nifty Index on the National Stock Exchange advanced 1.8 percent to 5,110.50. The BSE 200 Index climbed 1.6 percent to 2,163.91.
Mobile-phone companies: India’s government got bids totaling 89.8 billion rupees ($1.92 billion) on the ninth day of an auction for licenses to offer faster wireless broadband for computers nationwide, according to a statement on the Department of Telecommunications website.
Bharti Airtel Ltd. (BHARTI IN), India’s biggest wireless operator, rose 1.2 percent to 273.45 rupees. Idea Cellular Ltd. (IDEA IN), the third-largest mobile-telecommunications company by market value, climbed 4.2 percent to 55.7 rupees.
Adhunik Metaliks Ltd. (ADML IN): The maker of steel products for automobiles and power plants plans to invest 55.7 billion rupees to set up a steel plant in Karnataka, according to an e-mailed statement. The shares rose 2.6 percent to 108.65 rupees.
Cadila Healthcare Ltd. (CDH IN): The drugmaker introduced India’s first locally developed swine flu vaccine for 350 rupees a shot, the South Asian country’s Health Minister Ghulam Nabi Azad said. The shares rose 1.7 percent to 607.35 rupees.
GAIL India Ltd. (GAIL IN): The monopoly natural gas distributor plans to spend 100 billion rupees on two pipelines in South India, Chairman B.C. Tripathi said. The shares rose 1.6 percent to 461.65 rupees.
GMR Infrastructure Ltd. (GMRI IN): The company’s unit GMR Energy Ltd. will receive investments worth 4.65 billion rupees from Infrastructure Development Finance Company Ltd., Argonaut Ventures and Ascent Capital Advisors India Pvt., according to a statement on the Bombay Stock Exchange. The shares rose 0.9 percent to 57.6 rupees.
Hindustan Unilever Ltd. (HUVR IN): The nation’s biggest household products maker said its board will consider a proposal to buy back shares on June 11, according to a statement on the Bombay Stock Exchange. The shares advanced 3.9 percent to 247.05 rupees.
Larsen & Toubro Ltd. (LT IN): The Indian engineering company was raised to “buy” from “hold” by BNP Paribas analysts Vishal Sharma and Shashank Abhisheik, who cited “greater confidence” about the company’s earnings growth prospects. The stock rose 2.2 percent to 1,666.75 rupees.
Oil & Natural Gas Corp. (ONGC IN): BP Plc’s oil leak in the Gulf of Mexico is going to make regulatory approvals “more difficult,” R.S. Sharma, chairman and managing director of India’s biggest energy exploration company, said in a Bloomberg- UTV interview. The Indian explorer’s shares rose 2.4 percent to 1,210.85 rupees.
Ranbaxy Laboratories Ltd. (RBXY IN): Ranbaxy (U.K.) Ltd., a unit of India’s biggest drugmaker, is recalling all unused stock of a batch of generic Neurontin capsules, used as a painkiller, because the patient information leaflet hasn’t been updated to include safety warnings initiated by the European Medicines Agency, the U.K.’s drug regulator said in a statement on its website. Ranbaxy Laboratories rose 0.4 percent to 431.55 rupees.
Reliance Industries Ltd. (RIL IN): The operator of the world’s largest oil processing complex plans to raise as much as $1 billion in loans, Reuters reported, citing people it didn’t identify. Reliance Industries rose 2 percent to 1,030.80 rupees.