Aban Offshore, Maytas, Reliance Industries: India Stocks 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, fell 197.62, or 1 percent, to 20,301.10. The S&P CNX Nifty Index on the National Stock Exchange declined 1.1 percent to 6,079.80. The BSE 200 Index decreased 1 percent to 2,514.38. SGX CNX Nifty Index futures for January delivery rose 0.5 percent to 6,125.5 at 10:36 a.m. in Singapore.
Fertilizer companies: India asked a panel of government officials to “urgently” prepare a report on ending controls on prices of urea, Fertilizer Secretary Sutanu Behuria said in New Delhi.
Chambal Fertilizers & Chemicals Ltd. (CHMB IN) declined 3.7 percent to 86.8 rupees. Coromandel International Ltd. (CRIN IN) slumped 2.6 percent to 294.55 rupees. National Fertilizers Ltd. (NFL IN) dropped 1.6 percent to 117.2 rupees. Rashtriya Chemicals and Fertilizers Ltd. (RCF IN) fell 5.6 percent to 97.7 rupees. Tata Chemicals Ltd. (TTCH IN) decreased 2.3 percent to 398.7 rupees.
Aban Offshore Ltd. (ABAN IN): India’s largest oil-field equipment provider was raised to “buy” from “hold” by Dayanand Mittal, an analyst at Anand Rathi Securities, with a 12-month price estimate of 970 rupees per share. The stock fell 3.8 percent to 792.7 rupees.
Hindustan Copper Ltd. (HCP IN): India’s monopoly producer of the ore is seeking mines in Congo, Chairman Shakeel Ahmed said in New Delhi. The shares lost 4.3 percent to 320.75 rupees.
Mangalore Refinery & Petrochemicals Ltd. (MRPL IN): The unit of India’s biggest energy explorer issued three tenders to buy crude oil from the spot market in two days following uncertainty over imports from Iran, according to documents e- mailed to potential suppliers. The shares decreased 2.4 percent to 75.5 rupees.
Maytas Infra Ltd. (MAY IN): The infrastructure developer won a contract valued at 3.73 billion rupees ($82.7 million) from National Highways Authority of India for a road project in the northeastern state of Assam, according to a statement on the Bombay Stock Exchange. The shares were little changed at 188.3 rupees.
Power Grid Corp of India Ltd. (PWGR IN): The country’s biggest power transmission company was raised to “overweight” from “neutral” by Sumit Kishore, an analyst at JPMorgan Chase & Co. The shares fell 0.3 percent to 98.1 rupees.
Reliance Industries Ltd. (RIL IN): India’s biggest company by market value has hired advisers to help plan an expansion, Dow Jones reported, citing a person familiar with the matter.
Separately, the shares were raised to “buy” from “hold” by Anand Rathi’s Mittal, with a 12-month price estimate of 1,250 rupees a piece. The stock lost 0.1 percent to 1,075.80 rupees.
To contact the editor responsible for this story: Darren Boey at email@example.com