Kotak, Ess Dee, JSW Energy, Man Industries, GTL Infra: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’s Sensitive Index, or Sensex, fell 240.17, or 1.4 percent, to 17,534.09. The gauge dropped the most since June 7 and is little changed this quarter. The S&P CNX Nifty Index on the National Stock Exchange lost 1.5 percent to 5,256.15. The BSE 200 Index retreated 1.2 percent to 2,229.56. SGX CNX Nifty Index futures for July delivery lost 1 to 5,216 at 11:01 a.m. in Singapore.

Ess Dee Aluminium Ltd. (EDA IN): The maker of packaging material for pharmaceuticals plans to sell shares to large investors for at least 517.03 rupees apiece, according to a share-sale document posted on the Bombay Stock Exchange’s website. The stock rose 0.8 percent to 518.5 rupees.

GTL Infrastructure Ltd. (GTLI IN): The company that’s buying billionaire Anil Ambani’s mobile-phone towers is open to more acquisitions as intensifying competition pushes India’s telecommunications industry toward consolidation, Chairman Manoj Tirodkar said in an interview in Mumbai yesterday. The shares rose 1.3 percent to 47.70 rupees.

Hindustan Copper Ltd. (HCP IN): The builder of Mumbai’s sea link has been valued at a discount to its current market capitalization by at least three banks that have bid to manage the state-run company’s share sale, Economic Times reported, citing bankers it didn’t identify. The government may raise half of the 60 billion rupees ($1.3 billion) if the banks advice is accepted, according to the report. The stock dropped 1.8 percent to 479.85 rupees.

JSW Energy Ltd. (JSW IN): The affiliate of India’s third- largest steelmaker may have to scale back or shut down its biggest planned power project if pollution threatens mango crops near the plant, the Environment Ministry said. JSW Energy fell 3.2 percent to 123.15 rupees.

Kotak Mahindra Bank Ltd. (KMB IN): Sumitomo Mitsui Financial Group Inc. will acquire 4.5 percent of India’s Kotak Mahindra Bank for 13.7 billion rupees ($295 million). The Japanese bank made the announcement on its Web site. The stock lost 2.4 percent to 743.70 rupees.

Man Industries (India) Ltd. (MAN IN): The pipemaker expects sales to return to growth this year as it gets 25 percent more orders, Managing Director Jagdish Mansukhani said in an interview yesterday. The stock fell 1.4 percent to 84.55 rupees.

Marico Ltd. (MRCO IN): The maker of hair-grooming products was cut to “underweight” from “equal-weight” by Morgan Stanley analysts Hozefa Topiwalla and Girish Achhipalia, who said it will be a “challenge” for the company to improve margins and maintain its “organic growth momentum.”

The analysts raised their share-price estimate to 105 rupees from 103 rupees. The stock decreased 1.6 percent to 124.55 rupees.

Reliance Industries Ltd. (RIL IN): The Mukesh Dhirubhai Ambani group, which controls India’s most valuable company, is close to an agreement to form a financial-services venture with DE Shaw & Co., the Economic Times reported, citing two unidentified people familiar with the matter. Both companies declined to comment, the newspaper said. Reliance fell 2.1 percent to 1,067.45 rupees.

Reliance Communications Ltd. (RCOM IN): Reliance Communications and Digicable Network are in talks to merge their television operations, Mint.com reported on its website, citing two people it didn’t identify. The stock slid 4.1 percent to 193.30 rupees.

To contact the reporter on this story: Unni Krishnan in New Delhi at ukrishnan2@bloomberg.net

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