Engineers India, NTPC, Hero Honda, Maruti and NMDC: India Equity Preview
The Bombay Stock Exchange’s Sensitive Index, or Sensex, gained 212.92, or 1.2 percent, to 18,081.21. The S&P CNX Nifty Index on the National Stock Exchange advanced 1.2 percent to 5,431.65. The BSE 200 Index rose 1.1 percent to 2,307.50.
Engineers India Ltd. (ENGR IN): India’s government will raise about 9.6 billion rupees ($208 million) from a sale of shares in Engineers India Ltd., Disinvestment Secretary Sumit Bose said in New Delhi. A panel of government ministers set the price of Engineers India shares at 290 rupees apiece, Bose said. The share sale price is at a 12 percent discount to the stock’s closing price yesterday. Shares of the state-owned provider of engineering services to oil, gas and petrochemical companies advanced 1.5 percent to 328.5 rupees.
Hero Honda Motors Ltd. (HH IN): The nation’s biggest motorcycle maker reported two-wheeler sales rose 17 percent to 427,686 units in July, the company said in a statement. The stock rose 0.6 percent to 1,825.15 rupees.
Maruti Suzuki India Ltd. (MSIL IN): The maker of half the cars sold in the country raised prices of most of its car models by as much as 7,500 rupees, the company said in a statement. Maruti rose 0.9 percent to 1,209.9 rupees.
NMDC Ltd. (NMDC IN): Asia’s third-biggest iron-ore producer reported first-quarter profit almost doubled after prices for the steelmaking ingredient rose. Net income rose to 15 billion rupees in the three months ended June 30 from 7.74 billion rupees a year earlier, the company said to the Bombay Stock Exchange. That exceeds the 12 billion rupee average estimate of five analysts compiled by Bloomberg News. The stock gained 0.5 percent to 262.15 rupees.
NTPC Ltd. (NATP IN): The nation’s biggest power producer has targeted an installed capacity of 75,000 megawatts of power generation by fiscal year 2017, Director of Finance A.K. Singhal said in Mumbai. The stock fell 0.3 percent to 198.10 rupees.
State Bank of India (SBIN IN): The lower house of India’s parliament passed a bill that would allow the nation’s biggest bank to sell shares and boost its capital, while cutting the government’s stake to 51 percent. The stock gained 3.3 percent to 2,586.35 rupees.