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Cairn, Monnet Ispat, Oil & Natural Gas, GAIL, NTPC: 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, was little changed at 18,409.35. The S&P CNX Nifty Index on the National Stock Exchange rose 0.2 percent to 5,543.50. The BSE 200 Index increased 0.4 percent to 2,366.10.
Iron Ore Exporters: Shipments from India, the world’s third-largest exporter, may fall as much as 38 percent this fiscal year because of higher taxes and freight charges, and a ban imposed by the state of Karnataka, Federation of Indian Mineral Industries President Siddharth Rungta said in a phone interview. Sesa Goa Ltd. (SESA IN) and NMDC Ltd., the country’s top two producers, together turn out about 8 million tons in the state. Sesa Goa fell 0.3 percent to 327.45 rupees, while NMDC lost 0.5 percent to 256.9 rupees.
Monnet Ispat & Energy Ltd. (MISP IN): A unit of the sponge- iron maker signed a loan agreement worth 38 billion rupees ($814.6 million) with a group of lenders led by Infrastructure Development Finance Co. to fund its proposed 1,050 megawatt power project at Angul in the eastern Indian state of Orissa, according to an e-mailed company statement. Monnet Ispat rose 3.1 percent to 515.35 rupees.
NTPC Ltd. (NATP IN), Asia’s second-largest power producer by market value, was raised to “outperform” from “neutral” at Credit Suisse Group AG, which said the stock’s “premium valuation” will be sustained and raised its share-price estimate to 227 rupees from 215 rupees, according to a report by Amish Shah, an analyst. The shares advanced 0.5 percent to 194.2 rupees.
Oil Companies: Cairn India Ltd. (CAIR IN): The operator of the nation’s biggest oilfield on land found oil and gas in the Nagayalanka-1z well in an onshore area in the Krishna-Godavari basin, the company said in a statement to the Bombay Stock Exchange. The stock was little changed at 343.55 rupees.
Separately, Oil & Natural Gas Corp. (ONGC IN) was instructed by India’s oil ministry to study the possibility of making an offer for a stake in Cairn India, countering Vedanta Resources Plc’s $9.6 billion bid, according to two people familiar with the matter. GAIL India Ltd. (GAIL IN) may join ONGC, another person said. R.S. Sharma, ONGC’s chairman, declined to comment. Oil India Chairman N.M. Borah and GAIL’s Chairman B.C. Tripathi didn’t answer calls to their mobile phones. Oil & Natural Gas shares rose 1.9 percent to 1,283.15 rupees, while GAIL retreated 0.7 percent to 465.5 rupees.
Reliance Industries Ltd. (RIL IN), the country’s most valuable company, had its stock rating increased to “buy” from “hold” by Citigroup Inc. analysts led by Saurabh Handa, citing prospects for higher gas prices. The shares lost 1.2 percent to 976.9 rupees.
Tata Teleservices (Maharashtra) Ltd. (TTLS IN): The mobile services provider said it gave an order to Nokia Siemens Networks to buy base stations and other products for its 3G network, Nokia Siemens said in an e-mailed statement. The shares advanced 3.8 percent to 24.9 rupees.
To contact the reporters on this story: Kartik Goyal in New Delhi at kgoyal@bloomberg.net
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