SAC Fund Manager Steinberg Guilty in Insider-Trading Case
JSW Steel, Reliance Industries, Wipro: India Stocks Preview
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 136.55, or 0.7 percent, to 20,203.34. The S&P CNX Nifty Index on the National Stock Exchange declined 0.7 percent to 6,090.90. The BSE 200 Index decreased 0.8 percent to 2,573.75. SGX S&P CNX Nifty Index futures for October delivery climbed 0.3 percent to 6,130.5 as of 10:22 a.m. in Singapore.
Bharat Forge Ltd. (BHFC IN): Alstom SA’s joint venture with Bharat Forge is “very well placed” to win a contract worth almost 700 million euros ($977 million) to supply power equipment to India’s NTPC Ltd., Denis Cochet, senior vice president of sales and marketing, said yesterday. The shares retreated 1.7 percent to 375 rupees.
Castrol India Ltd. (CSTRL IN): The unit of Europe’s second- largest oil company BP Plc reported net income of 1.1 billion rupees ($24.6 million) for the quarter ended Sept. 30, 6.9 percent below analyst estimates. The shares fell 1 percent to 500.85 rupees.
JSW Steel Ltd. (JSTL IN): India’s third-largest producer is considering putting its overseas coal and iron ore assets into a unit for a share sale to fund expansion, two people familiar with the plans said. The unit would control coal and iron ore mines in the U.S. and Chile, as well as an exploration business in Mozambique, said the people who declined to be identified as the plans aren’t yet public. The stock decreased 2.6 percent to 1,326.9 rupees.
Reliance Industries Ltd. (RIL IN): India’s most valuable company plans to sell 10- and 30-year bonds in dollars as soon as tomorrow, according to a person familiar with the plan. Reliance Holding USA Inc. will sell the debt and Reliance Industries will guarantee it, the person said, asking not to be identified before a public announcement. The stock dropped 1.3 percent to 1,055.6 rupees.
Reliance Communications Ltd. (RCOM IN) and Tata Teleservices Maharashtra Ltd. (TTLS IN): The telecom operators are talking with Apple Inc. to bring the iPhone using code division multiple access technology to India, the Wall Street Journal reported, citing unidentified people familiar with the matter. Reliance Communication’s gained 1.3 percent to 186.6 rupees. Tata Teleservices’ rose 3.5 percent to 24 rupees.
SKS Microfinance Ltd. (SKSM IN): The micro-finance lender terminated former managing director Suresh Gurumani’s appointment because of differences between him and the management after an initial public offering, Chairman Vikram Akula told reporters in Mumbai yesterday. The shares climbed 3.1 percent to 1,273 rupees.
Wipro Ltd. (WPRO IN): The third-biggest software services provider was cut to “neutral” from “buy” at Nomura Holdings Inc., which cited “increased supply-side risks and limited upside potential.” The brokerage reduced its share-price estimate for Wipro to 470 rupees from 480 rupees, according to a report by Ashwin Mehta and Pinku Pappan. The shares were little changed at 463.45 rupees.
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