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Cairn India, EIH, Maruti Suzuki, Reliance, Pantaloon: 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, rose 33.7, or 0.2 percent, to 18,032.11. The S&P CNX Nifty Index on the National Stock Exchange advanced 0.1 percent to 5,415.45. The BSE 200 Index gained 0.1 percent to 2,312.18. SGX S&P CNX Nifty Index futures for September delivery fell 0.7 percent to 5,393 at 10:54 a.m. in Singapore.
Cairn India Ltd. (CAIR IN): Cairn Energy Plc will require the consent of Oil & Natural Gas Corp. (ONGC IN) to complete the proposed sale of a stake in its unit Cairn India, the state- owned explorer said in a statement on the National Stock Exchange yesterday. Cairn India climbed 0.2 percent to 336.05 rupees. Oil & Natural Gas advanced 2 percent to 1,344.15 rupees.
EIH Ltd., Reliance Industries Ltd. (EIH IN, RIL IN): Reliance, the nation’s most valuable company, bought a 14.12 percent stake in the operator of Oberoi Hotels & Resorts for 10.2 billion rupees ($217 million), the two companies said in separate statements yesterday. EIH rose 11 percent to 150.9 rupees while Reliance lost 0.2 percent to 947.95 rupees.
Godrej Properties Ltd. (GPL IN): The real estate company controlled by billionaire Adi Godrej will buy the right to develop land in Mumbai’s Bandra Kurla complex from Jet Airways (India) Ltd. (JETIN IN) for 5.5 billion rupees, the Economic Times said, quoting unidentified sources. Godrej is likely to pay 2 billion rupees in cash and absorb 3.5 billion rupees of the airline company’s debt, according to the report. Godrej Properties climbed 1.7 percent to 757.5 rupees. Jet dropped 2.5 percent to 760.5 rupees.
Jindal Steel & Power Ltd. (JSP IN): The second-largest steelmaker by market value plans to bid for a 70 percent stake in Zimbabwe Iron & Steel Corp., or Zisco, the Economic Times reported, without saying where it got the information. Jindal rose 1.7 percent to 701.2 rupees.
Maruti Suzuki India Ltd. (MSIL IN): The maker of half the cars sold in the country was rated “reduce” by Jatin Chawla, an analyst at IIFL Ltd. The analyst set a 12-month price estimate of 1,200 rupees per share. The stock advanced 1.4 percent to 1,235.35 rupees.
Oil India Ltd. (OINL IN): The nation’s second-biggest state-run explorer was rated “overweight” in new coverage at Morgan Stanley by analysts Vinay Jaising and Rakesh Sethia, who said the stock will react “positively” to further oil deregulation and set their share-price estimate at 1,750 rupees. The stock fell 0.9 percent to 1,456 rupees.
Pantaloon Retail India Ltd. (PF IN): The nation’s largest publicly traded retailer by market value was rated “buy” by Arnab Mitra, an analyst at IIFL Ltd., who set a 12-month price estimate of 527 rupees per share. The stock fell 0.9 percent to 469.45 rupees.
Videocon Industries Ltd. (VCLF IN): The oil explorer and consumer-electronics maker is in talks with foreign entities to sell a 26 percent stake in its telecommunications unit for 150 billion rupees, the Economic Times reported, quoting Videocon Industries Chairman V.N. Dhoot. The stock decreased 1.5 percent to 257.75 rupees.
To contact the reporter on this story: Anil Varma in Mumbai at Avarma3@bloomberg.net; Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net
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