Cairn, Coal India, 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 492.93, or 2.4 percent, to 19,691.81. The S&P CNX Nifty Index on the National Stock Exchange declined 2.4 percent to 5,904.6. The BSE 200 Index decreased 2.3 percent to 2,436.27. SGX S&P CNX Nifty Index futures for January delivery added 0.1 percent to 5,904.5 as of 10:51 a.m. in Singapore.
Adani Enterprises Ltd. (ADE IN): Adani Shipping Pte, a unit of India’s biggest importer of coal, bought two ships to transport coal from the group’s mines in Indonesia and Australia, the company said in an e-mailed statement. The shares decreased 2.5 percent to 628.1 rupees.
Cairn India Ltd. (CAIR IN): Prime Minister Manmohan Singh told the petroleum ministry to decide this month whether Vedanta Resources Plc may buy a stake in Cairn India Ltd., the Economic Times reported, citing an official it didn’t identify. Cairn dropped 0.5 percent to 340.15 rupees.
Coal India Ltd. (COAL IN): The world’s largest coal producer plans to import 10 million metric tons of the fuel from Mozambique in the next five years, said Narinder Khurana, a director of the company. The shares were unchanged at 309.1 rupees.
Godrej Consumer Products Ltd. (GCPL IN): The company controlled by billionaire Adi Godrej may soon increase prices of its products, mainly soaps, due to an increase in input costs, Press Trust of India reported, citing Godrej. The shares advanced 0.7 percent to 396.8 rupees.
Hindustan Construction Co. (HCC IN): A panel constituted by India’s Ministry of Environment and Forests found no large-scale destruction of forests at Hindustan Construction unit Lavasa’s proposed hill city project, the Press Trust of India said, citing Naresh Dayal, chairman of the panel. The shares lost 2.1 percent to 45.3 rupees.
India Cements Ltd. (ICEM IN): The Chennai-based manufacturer of the building material plans to borrow $187 million to fund construction of two power plants and to refinance a foreign currency convertible bond that matures in May, Joint President Corporate Finance V.M. Mohan said. The shares lost 3.3 percent 102.9 rupees.
Mangalore Refinery & Petrochemicals Ltd. (MRPL IN): The Reserve Bank of India rejected the company’s request to continue with its present payment mode for oil imports from Iran for three more months, the Financial Express reported, citing Managing Director U.K. Basu. Mangalore, a unit of India’s biggest energy explorer, declined 3.2 percent to 71.75 rupees.
Patni Computer Systems Ltd. (PATNI IN): IGate Corp. and Apax Partners LLP are close to buying a controlling stake in Patni Computer, in the second-biggest takeover of an Indian technology company, two people with direct knowledge of the matter said. The shares lost 0.5 percent to 460.4 rupees.
Power Grid Corp of India Ltd. (PWGR IN): The country’s biggest power transmission company plans to raise as much as 100 billion rupees ($2.2 billion) by selling bonds in 2011 and 2012, the Business Standard newspaper reported, citing an unidentified official. The shares decreased 1.2 percent to 97.85 rupees.
Procter & Gamble Hygiene & Healthcare Ltd. (PG IN): The unit of the world’s largest consumer-products maker plans to introduce more global brands in India, Managing Director Shantanu Khosla said. The shares lost 0.7 percent to 1,798.35 rupees.
Reliance Industries Ltd. (RIL IN): Reliance Retail Ltd., a unit of India’s biggest company by market value, plans to open as many as 150 new stores in the next two months, Chief Executive Officer Bijou Kurien said. The shares lost 1.9 percent to 1,065.4 rupees.
Tata Steel Ltd. (TATA IN): India’s largest steel producer will delay shipments of some products from its Ijmuiden plant in the Netherlands after a fire at a so-called pickling line on Dec. 27, Steel Business Briefing reported, citing the company. The shares lost 3.2 percent to 661.25 rupees.
To contact the editor responsible for this story: Darren Boey at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.