Adebowale, Adebolajo Found Guilty of U.K. Soldier Murder
Dabur, Reliance Industries, Hero Honda: India Stocks Preview
The Bombay Stock Exchange Sensitive Index, or Sensex, rose 375.92, or 1.9 percent, to 20,445.04. The S&P CNX Nifty Index on the National Stock Exchange advanced 1.9 percent to 6,143.4. The BSE 200 Index gained 1.9 percent at 2,579.38. SGX S&P CNX Nifty Index futures for October delivery climbed 0.6 percent to 6,214 at 10:58 a.m. in Singapore.
ICICI Bank Ltd. (ICICIBC IN), India’s second-biggest lender, and Bank of Baroda (BOB IN) were raised to “overweight” from “neutral” at JPMorgan Chase & Co., which said recent macroeconomic news has been “supportive” and that bank stocks should remain a favorite for investors. The brokerage also raised its rating for State Bank of India to “neutral” from “underweight,” according to a report by analysts led by Seshadri Sen. ICICI increased 2 percent to 1,135.2 rupees. Bank of Baroda added 1.7 percent to 887.2 rupees.
Axis Bank Ltd. (AXSB IN): India’s government has started fresh talks with Axis Bank to sell its stake in the bank amid soaring stock markets, the Financial Express reported on Oct. 2, citing sources it didn’t identify. The government’s stake in Axis is the largest at 23.86 percent, the report said. The stock added 2.5 percent to 1,574.85 rupees.
Dabur India Ltd. (DABUR IN): The maker of packaged honey, traditional medicine and hair oil plans acquisitions overseas as domestic competition intensifies, Chief Executive Officer Sunil Duggal said. The shares gained 1 percent to 109.05 rupees.
Edelweiss Capital Ltd. (EDEL IN): Lehman Brothers Netherlands Horizons BV sold 9.9 million shares of the Indian provider of financial services at 53.33 rupees a share, according to data posted by the Bombay Stock Exchange on its website on Oct. 1. The shares climbed 6.2 percent to 58.3 rupees.
Hero Honda Motors Ltd. (HH IN): The nation’s largest motorcycle maker sold 433,641 units in September, compared with 401,290 a year earlier, the company said in e-mailed statement on Oct. 1. The shares slipped 0.5 percent to 1,848.2 rupees.
JSW Steel Ltd. (JSTL IN), Steel Authority of India Ltd. (SAIL IN): The companies raised prices of the alloy by as much as 3 percent starting on Oct. 1, JSW Marketing Director Jayant Acharya and Steel Authority Chairman C.S. Verma said in separate telephone interviews that day. JSW shares advanced 2.8 percent to 1,370.5 rupees and Steel Authority shares gained 9 percent to 223.55 rupees.
National Aluminium Co. (NACL IN): India’s second-largest producer of the metal will complete a deal with coal suppliers in Indonesia by January to provide fuel for its $4 billion aluminum project in that country, the Economic Times reported yesterday, citing B.L. Bagra, the company’s director of finance. The stock added 2 percent to 406.9 rupees.
Reliance Industries Ltd. (RIL IN): The country’s largest oil refiner cut crude oil output at the MA offshore field in the KG-D6 block to 22,000 barrels a day for about two months, compared with about 31,000 barrels a day in April, because of a drop in pressure, a person familiar with the matter said, declining to be identified because he isn’t authorized to speak to the media.
Separately, Reliance, India’s biggest company by market value, plans to sell 10- and 30-year bonds denominated in U.S. dollars, according to a person familiar with the matter. The shares advanced 2.1 percent to 1,007.9 rupees.
Sun Pharmaceutical Industries Ltd. (SUNP IN): The Mumbai- based drugmaker received tentative approval from the U.S. drug regulator to sell a copy of Orion Pharmaceuticals Inc.’s Stalevo tablets, used for the treatment of Parkinson’s disease, according to a statement on the Bombay Stock Exchange on Oct. 1. The shares rose 0.5 percent to 2,030.35 rupees.
Tata Communications Ltd. (TCOM IN): The telecom company is planning to acquire Suntel Ltd., Sri Lanka’s second-largest provider of fixed-line telephone services, the Economic Times reported, citing an unidentified government official with knowledge of the matter. Mumbai-based Tata, which has already received government approval for the acquisition, submitted a bid for Colombo-based Suntel last month, according to the report. The stock climbed 0.5 percent to 308.2 rupees.
Tata Motors Ltd. (TTMT IN): The owner of Jaguar and Land Rover is seeking to raise at least $525 million selling shares to institutional investors to help reduce debt and fund growth, the company said in an e-mailed statement on Oct. 1. The sale will include $200 million of ordinary shares and $325 million of ‘A’ shares, with an option to increase the ‘A’ shares sale to as much as $400 million, it said without defining the ‘A’ share class. The shares advanced 1.5 percent to 1,114.15 rupees.
Wipro Ltd. (WPRO IN): India’s third-largest software exporter expects to file its annual report with the U.S. Securities and Exchange Commission by Nov. 10, the company said in an Oct. 2 statement. It delayed the filing past the Sept. 30 due date in order to complete an investigation of embezzlement by a company employee, according to the e-mailed statement. The investigation revealed the “amounts embezzled were not material,” Wipro said, and subsequently were substantially recovered. Wipro added 2.7 percent to 461.7 rupees.
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