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Kingfisher, Tata Power, Idea, JSW Steel, Jet Airways: 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, increased 135.92, or 0.8 percent, to 18,113.15. The S&P CNX Nifty Index on the National Stock Exchange climbed 0.8 percent to 5,441.95. The BSE 200 Index advanced 0.7 percent to 2,306.24. SGX CNX Nifty Index futures for July delivery gained 0.6 to 5,478.5 at 10:39 a.m. in Singapore.
Airlines: India’s airports regulator expects to issue draft guidelines on user charges for 14 airports in the country by the end of August, Yashwant Bhave, chairman of Airports Economic Regulatory Authority, said in New Delhi yesterday. Jet Airways (India) Ltd. (JETIN IN) gained 1.3 percent to 628.75 rupees and SpiceJet Ltd. (SJET IN) increased 1.3 percent to 57.65 rupees.
Separately, Kingfisher Airlines Ltd. (KAIR IN) said its first-quarter loss narrowed 21 percent to 1.87 billion rupees ($39.8 million) from a year earlier, according to a statement on the Bombay Stock Exchange yesterday. The shares climbed 4.6 percent to 52 rupees.
Infrastructure companies: The central bank has allowed infrastructure companies to refinance domestic bank loans through overseas borrowings, according to a statement posted on the website of the Reserve Bank of India. Larsen & Toubro Ltd. (LT IN) rose 0.6 percent to 1,927.30 rupees and Punj Lloyd Ltd. (PUNJ IN) gained 0.2 percent to 136.15 rupees. Reliance Power Ltd. (RPWR IN) advanced 0.4 percent to 172.90 rupees, Tata Power Ltd. (TPWR IN) declined 0.4 percent to 1,329.90 rupees and NTPC Ltd. (NATP IN) increased 0.8 percent to 204.40 rupees.
Indo Asian Fusegear Ltd. (INAF IN): Legrand SA, a French maker of electrical switches and plugs, has offered to buy Indo Asian Fusegear’s switchgear division, the companies said in an e-mailed statement today.
The maker and exporter of electrical switchgear and lighting products gained 1 percent to 103.20 rupees.
Idea Cellular Ltd. (IDEA IN): The telecom company had profit of 2.02 billion rupees for the first quarter, according to a statement on the National Stock Exchange yesterday. The shares advanced 1.2 percent to 65.50 rupees.
Lakshmi Vilas Bank Ltd. (LVB IN): The owner of commercial banks is in talks with Citigroup Inc. to acquire CitiFinancial Consumer Finance India, a company that provides retail loans to low-income borrowers, the Economic Times reported, citing an unidentified person familiar with the proposal. Lakshmi Vilas hired JM Financial Ltd. to carry out due diligence on the business, according to the report. The stock advanced 0.3 percent to 97.75 rupees.
JSW Steel Ltd. (JSTL IN): JFE Holdings Inc., Japan’s second-largest steel producer, plans to invest about $1 billion in India’s third-largest steel producer, said a person with direct knowledge of the deal. JSW Steel shares gained 2.1 percent to 1,200.55 rupees.
State Bank of India (SBIN IN): The nation’s largest lender sold $1 billion of five-year debt, according to data compiled by Bloomberg. The 4.5 percent notes yield 290 basis points more than similar-maturity U.S. Treasuries, Bloomberg data show. A basis point is 0.01 percentage point. The stock increased 1.6 percent to 2,476.25 rupees.
Thermax Ltd. (TMX IN): The power equipment maker was raised to “outperform” from “underperform” by Gagan Thareja, an analyst at Batlivala & Karani Securities, with a price estimate of 825 rupees. The shares rose 2.3 percent to 810.10 rupees.
Vishal Retail Ltd. (VISH IN): TPG Capital and Vishal agreed on the terms to acquire assets of the Indian company and a final deal was deferred by the creditors of the retailer, Mint newspaper reported, citing an unidentified person. The newspaper quoted Vishal’s spokesman Manmohan Sharma as saying talks with TPG were ongoing. TPG director Amol Jain declined to comment to the newspaper. The stock dropped 0.3 percent to 52.50 rupees.
To contact the reporter on this story: Rakteem Katakey in New Delhi at rkatakey@bloomberg.net
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