Adani Power, Indian Oil Corp., Kingfisher Airlines: India Equity Preview
(Corrects to show Sterlite rating was raised.)
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 60.99, or 0.3 percent, to 17,971.12. The S&P CNX Nifty Index on the National Stock Exchange retreated 0.2 percent to 5,402.40. The BSE 200 Index dropped 0.4 percent to 2,302.88. SGX S&P CNX Nifty Index futures for September delivery gained 0.6 percent to 5,430 at 10:52 a.m. in Singapore.
Adani Power Ltd. (ADANI IN): The generation arm of the country’s biggest coal importer plans to spend about 825 billion rupees ($17.5 billion) to increase capacity by almost 17-fold to 16,500 megawatts in the next four years, Chief Executive Officer Ravi Sharma said. The shares lost 0.1 percent to 135.95 rupees.
EIH Ltd. (EIH IN): Billionaire Analjit Singh plans to sell the 4 percent stake he holds in the operator of Oberoi and Trident hotels, the Economic Times said, without saying where it got the information. EIH sank 7.1 percent to 140.2 rupees.
Elder Pharmaceuticals Ltd. (ELDP IN): The drug company plans to raise $50 million by selling shares to institutions, the Economic Times said, quoting a company executive it didn’t name. The company is in talks with several U.S.-based institutions and Indian funds, the paper said. The stock dropped 0.8 percent to 400.7 rupees.
Indian Oil Corp. (IOCL IN): The nation’s second-largest refiner cut jet fuel prices in Mumbai to 41,388 rupees a kiloliter from 43,188 rupees a kiloliter from today, according to the company’s website. The shares declined 0.1 percent to 411.15 rupees.
Kingfisher Airlines Ltd. (KAIR IN): The nation’s second- biggest carrier said it plans to raise a combined $356 million selling shares in domestic and overseas markets, according to an e-mailed statement from the company yesterday. The stock dropped 1 percent to 59.35 rupees.
Sterlite Industries (India) Ltd. (STLT IN): The largest copper producer was raised to “buy” from “neutral” at Nomura Holdings Inc. after a slump in the share price. Prabhat Awasthi and Alok Kumar Nemani, analysts at Nomura, reduced their share- price estimate for Sterlite to 199 rupees from 221 rupees. The stock fell decreased 1.2 percent to 151 rupees.
Sun Pharmaceutical Industries Ltd. (SUNP IN): The drugmaker said it has taken immediate corrective actions after receiving a warning letter from the U.S. Food and Drug Administration following an inspection of its manufacturing plant in Cranbury, New Jersey. The stock rose 0.7 percent to 1,762.4 rupees.